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Secondhand Apparel Market Size to Register 14.8% CAGR in 2022-32 | FMI

The global secondhand apparel market sizeis projected to grow from US$ 71,225.6 Mn in 2022 to US$ 282,748.6 Mn by the end of 2032, with overall secondhand apparel sales accelerating at a CAGR of over 14.8% throughout the forecast period (2022-2032).

Rising popularity of secondhand clothes due to their easy availability and low cost, changing lifestyles and fashion tastes, and rapid penetration of online shopping platforms offering a wide range of secondhand apparel are some of the key factors driving demand in the global market.

The fashion industry has changed dramatically since the beginning of the globalization movement. Lifestyle changes due to industrialization, urbanization, economic growth, and market globalization have intensified over the decade, and have a substantial influence on individuals’ standard of living, particularly in emerging nations and in fast socioeconomic transition.

While living conditions have improved and access to services has increased, global competition has resulted in the introduction of a variety of new product innovations, such as the recycling of discarded clothing and selling it.

E-commerce has altered the entire shopping experience, with more consumers worldwide preferring to buy things, select services, and obtain commodities over the internet. Home delivery, subscription models, and other advantages are fuelling this transformation.

Product reviews and other e-commerce features assist merchants in researching their audience’s behaviours, likes, dislikes, and trends in order to develop products and services that match the requirements and convert them into potential purchasers. Hence, online distribution has fuelled the growth of the secondhand market.

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The shifting consumer behaviour, replacing rapid fashion purchases with resale, is one of the primary emerging as a key factor driving demand for secondhand clothes. Consumers are switching to thrift to reduce harmful production as a result of growing awareness about ethics and sustainability.

Key Takeaways from the Secondhand Apparel Market Study

  • By product type, the dresses and tops segment is expected to grow at a CAGR of 11.4% during the forecast period.
  • By sales channel, the online retailers segment is anticipated to grow at 22.1% CAGR between 2022 and 2032.
  • In terms of the target population, the women segment is expected to hold a major share of around 46.4% in the secondhand apparel market.
  • The Indian secondhand apparel market is likely to expand at a CAGR of 17.9% during the assessment period.
  • The U.S. holds a share of around 86.3% in the North America secondhand apparel market and it is poised to rise at a CAGR of 21.2% over the next ten years.
  • Demand for second apparel in Australia is anticipated to rise at 12.5% CAGR during the forecast period.

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Secondhand apparel market key players are formulating strategies and are focusing on expansion of their business by introducing new brands and widening their inventory portfolio. They are also focusing on eco-friendly way of carrying business by introducing eco-friendly secondhand apparels.” Says an FMI analyst.

Who is winning?

Major players present in the secondhand apparel market are Thredup Inc., The RealReal, Poshmark, Vinted, Micolet, Percentil.ma, Thrift+, Chikatex, HunTex Recycling Kft, eBay Inc., British Used Clothing Company., A&E Used Clothing Wholesale, Mobacotex, Tradesy, and StockX among others.

Leading manufacturers of secondhand apparel are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of secondhand apparel market globally.

Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the global secondhand apparel market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the secondhand apparel market based on product type (dresses & tops, shirts & t-shirts, sweaters, coats & jackets, jeans & pants, and others), sector (resale and traditional thrift stores & donations), target population (men, women, and kids), sales channel (wholesalers/distributors, hypermarkets/supermarkets, multi-brand stores, independent small stores, departmental stores, online retailers, and other sales channel) across seven major regions.

About Consumer Product Division at Future Market Insights

The consumer product team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the consumer product industry, the team is happy to help with every business intelligence research and consulting requirement.

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