Secondhand clothing on track to take 10% of global fashion sales

Last Updated: June 15, 2024By

The Rise of Secondhand Fashion: A Growing Trend

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Embracing Pre-Loved Styles

So, here’s the scoop: secondhand clothing sales are booming! Like, they’re expected to snatch up a big chunk—about a tenth—of the global fashion scene next year. Why? Well, it’s all about the rising cost of living and folks getting serious about sustainability. People are all about snagging those “pre-loved” threads these days.

Numbers Don’t Lie

Last year, global sales of pre-owned clothes shot up by a whopping 18%, hitting a cool $197 billion. And get this: experts predict they’ll reach a staggering $350 billion by 2028. That’s some serious moolah! Sure, it’s a tad slower than expected, but hey, growth is growth, right?

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The American Hustle

Over in the US of A, the secondhand market is on fire! It’s clocking in a growth rate seven times faster than the rest of the fashion biz. While overall fashion sales are snoozing, secondhand is strutting its stuff.

What’s the Secret Sauce?

James Reinhart, the brains behind ThredUp, spills the tea. He says folks are turning to secondhand when their wallets are feeling the pinch. When times get tough, value is where it’s at. And let’s face it, who doesn’t love a good deal?

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It’s a Generational Thing

But hold up, it’s not just the youngsters hopping on the pre-loved train. Nope, it’s crossing generational lines. From Gen Z trendsetters to seasoned fashionistas, everyone’s getting in on the action.

Online Shopping FTW!

And let’s not forget the digital revolution. Shopping for secondhand gems has never been easier, thanks to sites like Vinted, Depop, and of course, ThredUp. With online sales expected to double in the next five years, it’s clear that the future of fashion is just a click away.

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From Love Island to Main Street

Even mainstream culture is catching on. Ever watch Love Island? Yep, even they’re jumping on the secondhand bandwagon. And with big-name retailers like Selfridges and Primark dipping their toes into the pre-loved pool, there’s no denying it’s gone mainstream.

The Big Brands Join In

But wait, there’s more! Designer labels are getting in on the action too. With childrenswear leading the charge, even high-end brands are teaming up with resale specialists like ThredUp to give their clothes a second chance.

A Greener Future

And here’s the kicker: it’s not just about saving money or looking fly. It’s also about saving the planet. With talk of new laws to tackle fast fashion’s dirty laundry, brands are feeling the heat to clean up their act.

The Bottom Line

Now, here’s the million-dollar question: are these online fashion gurus making bank? Well, not exactly. Despite raking in the sales, companies like Vinted and Depop are still struggling to turn a profit. But hey, there’s hope on the horizon. ThredUp’s Reinhart is feeling optimistic about breaking even this year. Fingers crossed!

Title: Fashion’s New Frontier: The Secondhand Revolution

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