Today, millennials hold close to 30% of the world’s population and are becoming the most significant generational demographic for overall economic growth, source of employment, and consumer spending growth. The millennial age group has more expending power as compared to the baby boomers and they wish to spend particularly on apparel. Additionally, they are getting more conscious regarding the products they purchase and demand for high quality sustainable and ethical clothes at a reasonable price. Furthermore, the young generation is nowadays spending more on secondhand apparel and leaning towards online fashion reselling platforms to purchase eco-friendly clothes.
Expected to increase at a CAGR of 11% during the forecast period 2019-2027, Future Market Insights (FMI) foresees strong growth of the secondhand apparel market.
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Key Takeaways of the Secondhand Apparel Market Study
- As per the report, several fashion retailers are integrating a range of recycling programs and bringing in new collections with environment-friendly fibers to keep back the customers.
- Rapidly growing online start-ups and rising consumer awareness of online resale platform to selling pre-owned designer and branded apparel in addition to renting ethnic wear.
- In terms of region, the MEA market is projected to maintain its predominant position in the worldwide secondhand apparel market, as a result of higher utilization of employed clothes in the Sub-saharan Africa countries, for instance, Kenya together with the higher import of second-hand clothing from Europe and the U.S.
- Nearly 80% of the populace in Kenya wore secondhand apparel in the year 2018.
- Based on different types of product, sales of t-shirts & shirts are likely to reflect a relatively high CAGR in the global secondhand apparel market in the coming years, owing to changing consumer preference that is making a requirement for casual and formal shirts amid working women labor force.
“Key players in the global secondhand apparel market could gain substantial profits by bringing in novel brands and bringing unique eco-friendly used clothes to their listing. Companies are additionally seeking several prospects to augment customer engagement and additionally to retain them,” says an FMI analyst.
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Gains Upheld by Retailers Going Online
In the secondhand apparel market, the retailers are substantially shifting their center from conventional thrift stores to online used clothing platforms to encourage their sales and gain a novel customer base. As such, e-commerce is now attaining popularity among retailers to changes consumers’ shopping experiences and preferences.
Several start-ups are embarking online platform to sell pre-owned clothes by providing the one-click solutions convenience, home deliveries, and several other attractive attributes to customers. Consumers, especially the young generation, are moreover purchasing used clothes from online retailers because of better customer service, unique items, and large brand options. These above-mentioned aspects are boosting the market demand for secondhand apparel throughout the assessment period.
Various secondhand apparel companies are considerably expending more on promotional activities, amplify their physical store’s existence, as well as entering into a strategic partnership with topmost apparel retailers to supply to expanding consumer need for fashionable apparel. This would let companies amplify their brand awareness and additionally allows them to gain competitive benefit.
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