The global secondhand apparel market is valued at US$ 71,225.6 million in 2022 and is expected to grow at a 14.8% CAGR from 2022 to 2032, reaching a valuation of US$ 282,748.6 million by 2032. The growing popularity of secondhand apparel among the general masses due to their less expensive nature and better quality is a key factor driving demand for secondhand apparel in the market.
Consumers have become increasingly interested in eco-friendly clothing options. Focus on sustainability and higher degree of consciousness have propelled the secondhand apparel market growth. Even as restrictions implemented amid COVID-19 cause supply-chain disruptions, the market is expected to register year on year growth at 4.8% in 2021.
Product reviews and other features of e-commerce help merchants to study purchase patterns, and trends to create products and services that meet the needs of potential buyers. This provides useful information that retailers can use to develop effective marketing strategies.
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The presence of companies such as ThredUP and Poshmark that cater to the demand for inexpensive and ecological alternatives to new clothes will push growth in the coming years. The expansion of online distribution channels also will bode well.
To retain clients, numerous fashion retailers are implementing recycling initiatives and releasing new collections of clothing made from eco-friendly fibers. Increasing consumer awareness of online resale platforms and fast-growing online start-ups offer pre-owned branded and designer goods and rental ethnic wear.
Key Takeaways from the Secondhand Apparel Market Study
· Shirts & t-shirts are expected to hold a market share 29% in 2021 owing to changing consumer preference with an expanding working woman labour force.
· Online retailing is likely to remain a lucrative channel of distribution over the forecast period with a 18.7% CAGR owing to the wider choice of products.
· Sub-Saharan Africa will dominate MEA accounting for more than 50% of the value share through the end of 2031, owing to the popularity of used clothes.
· Pakistan accounts for more than 40% of secondhand apparel sales in South Asia, owing to the presence of a large lower socio-economic consumer base.
· Guatemala leads in the Latin America accounting for over 30% value share through the forecast period.
Who is Winning?
Key players in the secondhand apparel market are aiming for strategic collaborations and other marketing strategies to expand their business and attract a larger customer base.
Some of the key players present in the secondhand apparel market are ThredUp Inc., The RealReal, Patagonia Inc., Poshmark, StockX, Vinted, eBay Inc., Micolet, Thrift+, Tradesy Inc., Chikatex, HunTex Recycling Kft, A&E Used Clothing Corporation, Mobacotex, Percentil. Maroc among others.
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