The Risks and Opportunity in Second-Hand Fashion Market Revolution
Younger People Are Shifting to Secondhand Clothes : thredUP CEO
As per this report from Bloomberg Quicktake, Pre-loved fashion is on the rise as old clothes find new wearers through global technology platforms. What are the risks and rewards of this resale revolution? Watch the videos below to understand the same.
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As per this article, the U.S. secondhand clothing market is projected to more than triple in value in the next 10 years – from US$28 billion in 2019 to US$80 billion in 2029 – in a U.S. market currently worth $379 billion.
The second-hand clothing market is divided into 2 main categories:
- Thrift Stores
- Resale Platforms
Its mainly Global Technology Resale Platforms that is leading to the Surge in Second hand Clothing Industry.
Upsurge in Second-Hand Clothing Industry.
As per this Global News Report, Since the pandemic began, much of the fashion industry has taken a hit – but not the resale sector. The online market for used clothes is growing faster than the market for new ones. As Robin Gill reports, a younger generation is reassessing both its social values and the bottom line.
Conclusion:
Surge in Global Resale Platforms is driving the Surge in Second Hand Clothing Market. For Example, Tradesy and Poshmark that facilitate peer-to-peer exchange of everyday clothing, the digital resale market is quickly becoming the next big thing in the fashion industry. Based on this Report, Secondhand Fashion would grow 185% in next 10 years.
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