Dresses & Tops Holds Dominance with35.3% Share
Nowadays, the fashion trend is changing very frequently and people are getting influenced by celebrities to wear trendy clothes. Although, everyone cannot afford to buy exclusive clothes from the retail market. Thus, they preferred to buy clothes from secondhand market which also helps in reducing the demand for fast fashion.
Moreover, the demand for formal dresses among women is growing at a significant rate across the globe due to the rise in the working women labor force is also one such trend driving the demand for global secondhand apparel across the globe.
Opportunities Abound in Developing Regional Markets
Middle East & Africa is expected to account for the highest share in the global secondhand apparel market by 2027. As most of the population in the sub-Saharan African countries wear secondhand clothes due to low-income levels and living standards.
Moreover, rural communities have also started to incorporate secondhand clothing into their daily lifestyle which will increase the demand for secondhand apparel in the region. Sub-Saharan Africa has been a dominant country in the Middle East & Africa secondhand apparel market in terms of consumption.
Rapidly Growing Trend of Buying Secondhand Apparel among Millennial Shoppers to Further Drive the Market Growth
As millennial generation continues to outpace boomers in the coming years, thus companies are constantly evolving innovative strategies to retain their attention such as continuously auditing everything from pricing strategy to redesign their stores or enter into the online platform.
In addition, millennial shoppers significantly exploring trendy, low cost, classy style outfit and thus, they are considerably shifting their focus towards secondhand apparels as the market has a large variety of vintage fashion. These are some of the factors which are expected to fuel the market growth in the near future.
How Growth will Unfold
The resale segment is estimated to expand at a significant CAGR in the global secondhand apparel market during the forecast period. This segment is expected to create a higher incremental opportunity in the global secondhand apparel market during the forecast period. This is attributed to the fact that around 80 percent of the people across the globe buy, use, and wear secondhand products and shifting their focus towards well-merchandised and high-end resales.
Consumers are also shifting away from traditional thrift stores to e-commence platform for purchasing secondhand apparel. Moreover, growing trade of resale apparels worldwide along with expanding textile and clothing recycling trend which will lead to sustainable fashion and an environmentally friendly alternative to purchasing new clothes.
SECONDHAND APPAREL MARKET TAXONOMY
The global secondhand apparel market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Product Type
- Dresses & Tops
- Shirts & T-shirts
- Sweaters, Coats & Jackets
- Jeans & Pants
- Others
Sector
- Resale
- Traditional Thrift Stores and Donations
End-User
- Men
- Women
- Kids
Sales Channel
- Hypermarkets/Supermarkets
- Specialty Stores
- Independent Small Stores
- Departmental Stores
- Online Retailers
- Other Sales Channel
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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