Value of the secondhand apparel market worldwide from 2021 to 2028
In 2023, the global market value of secondhand and resale apparel was estimated to be worth 197 billion U.S. dollars. This value is projected to rise rapidly in the coming years, increasing by roughly 100 billion dollars by 2026.
The combination of sustainability and affordability
In a 2023 survey, European consumers revealed that the primary motivations for purchasing second hand fashion are that it is a cheaper and more environmentally friendly way to purchase clothes, both topics which are especially relevant to younger consumers. The reduced prices of second-hand apparel also make clothes which would otherwise be too expensive more accessible. This had led to growth in the second-hand luxury goods market.
Online platforms
One popular way that younger generations buy their second-hand clothes is via smartphone apps, which give shoppers greater choice and convenience. Depop registered 464,000 monthly downloads worldwide in December 2023. Tthis was considerably higher than the figure for the same month in 2022. Of course, many people still buy second-hand clothes from thrift shops.
