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The Global Secondhand Apparel Market Sales Are Expected To Grow At A Healthy CAGR Of 11.2% During 2021-2031
The global secondhand apparel market sales are expected to grow at a healthy CAGR of 11.2% during the forecast period 2021-2031, despite a period of slower growth in 2020, according to a latest study by Future Market Insights (FMI).
With the globalisation, the fashion industry considerably transformed. Changes in lifestyles as a result of industrialization, urbanisation, economic development, and globalisation have accelerated sales in the fashion industry last decade, particularly in developing countries and regions in rapid socio-economic transition.
E-commerce has transformed shopping experiences, with more than 60% of people choosing to buy products, services, and obtain commodities via the internet. Home delivery, subscription models, and other perks are major reasons for this change.
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.
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.
The two most common types of secondhand clothes stores are thrift stores and resale platforms. The latter is substantially contributing to recent increases. Secondhand clothing are often for being dusty and worn out, and is mostly sought for by bargain hunters.
A key factor fuelling the demand for second hand apparel is change in consumer behaviour, as they are displacing fast fashion purchases with resale. Driven by the greater awareness about ethics and sustainability, consumers are switching to thrift as a way to drive down their impact on the environment.
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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.
“Leading players in the global secondhand apparel market are introducing new brands and expanding their inventory of environmentally-friendly and used clothing. Companies are also looking for ways to enhance consumer retention and engagement to sustain growth through the upcoming decade. Consequently, spending on marketing strategies has increased,” says an FMI analyst.
Impact of COVID-19 on the Market:
Consumers are not just buying fewer non-essential items, but they are also buying higher-quality clothing rather than cheap and disposable options. Customers have also transitioned from offline to online shopping options.
During the COVID-19 crisis, e-commerce has been dominant and retailers have invested in an online presence. Prior to the shutdown, internet retailers devised interim methods for the sales of their wares online.
The secondhand apparel market has been hampered by a labour shortage in the industry. Reduced transactions over viral transmission fears are have also caused issues in the short term.
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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.
Get Valuable Insights into Secondhand Apparel Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global secondhand apparel market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the secondhand apparel market based on the product type (Sweaters, Coats & Jackets, Dresses & Tops, Shirts & T-shirts, Jeans & Pants, Others), Sector (Resale, Traditional Thrift Stores and Donations), Target Population (Women, Men, Kids) Sales Channel (Multi-brand Stores, Online Retailers, Wholesalers/Distributors, Hypermarkets/Supermarkets, Independent Small Stores, Departmental Stores, Others) across seven major regions.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Future Market Insights
Future Market Insights is the premier provider of market intelligence and consulting services
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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