The Europe second-hand apparel be valued at US$18,100 million in 2022. The market’s demand is anticipated to grow at an 8.4% CAGR over the projected period (2022 to 2032), reaching US$ 40,676 million by 2032. Consumers are becoming more aware of the necessity for clear processes and regular fashion updates.
While Russia and Eastern Europe are known for their flea markets, second hand clothes were associated with poverty in the Soviet Union. Things are changing for the younger generations. Second-hand market is on high demand and preowned clothing represents 25% of the normal second hand consumer’s closet.
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The fear of a recession may cause a reversal in the profitability trend, just as the cost-of-living problem may encourage individuals to transform their clothes into an additional source of revenue. In addition, significant progress has been made in privacy and product-authentication standards, making it simpler and safer for individuals to market their items online.
Second-hand fashion also caters to the demand for exclusivity among customers. It has numerous celebrity admirers, including Zendaya, who has frequently appeared on the red carpet wearing vintage clothing. Lorde and Rihanna, both singers, are admirers of the second-hand trend. All of these variables will continue to influence the industry during the forecast period.
Key Takeaways from the Europe Second-hand Apparel Market Study
· Spain second-hand apparel market is expected to be worth US$ 1,900 Mn in 2022, growing at 6% CAGR from 2022 to 2032.
· Sales of second hand apparels in Russia are expected to surge at 9.1% CAGR from 2022 to 2032.
· In terms of product type, the sweater and coats & jackets segments will witness highest growth over the forecast period.
· By sales channel, online retailers are expected to generate maximum revenue across Europe for second hand apparels.
“Businesses that enters the resale market may assist to ease consumers’ concern about counterfeiting. However, in order to thrive in this new retail environment, brands and retailers will need to develop and adopt creative business strategies that represent the changing nature and evolving customer habits.” Says an FMI Analyst.
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Who is winning?
Leading players operating in the Europe & Spain Second-hand Apparel market are Vinted, Ebay, Vestaire Collective, StockX, Depop, Artpal, Etsy, Rubylane, Amazon, Spoonflower, Farfetch, Yaga, F&P Stock Solutions and Garson & Shaw among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Europe & Spain second-hand apparel market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Europe second-hand apparel market by product type (dresses & tops, shirts & t-shirts, sweater, coats & jackets, jeans & pants, and others), by sector (resale, traditional thrift stores & donations), by target population (men, women, kids), by sales channel (wholesalers/distributors, hypermarkets/supermarket, multi-brand store, independent small stores, departmental stores, online retailers, other sales channel) & Country (Spain, Germany, U.K., France, Italy, Russia, Ukraine, Netherlands, Poland, Hungary & Rest of Europe).
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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