The global secondhand apparel market continues to burgeon as resale grew 15 times faster than the broader retail clothing sector and 52% of consumers shopped secondhand apparel in 2023. On average, consumers spent nearly half of their apparel budget on secondhand. Also, 25% of consumers resold apparel to earn extra money and clean out sustainably. All of this is a testament to the intrinsic value shoppers find in the secondhand experience and proof of the seismic shift towards a more circular fashion ecosystem.
"Global secondhand apparel market is expected to reach $350 billion by 2028. Resale will more than double, growing 6.4X faster than the broader retail clothing sector and representing a CAGR of 17%."
In 2024, consumers plan to purchase less apparel at full price, saying that if the economy doesn’t improve, they’ll spend a higher proportion of their apparel budget on secondhand.
Brands, on the other hand generate revenue through resale because customers care about their brand being sustainable and the value is important factor in purchasing apparel. Brands aim to acquire new customers, generate more revenue and advance sustainability goals.
69% of brands say they're considering resale to stay competitive with other brands who offer it, and 67% of brands say that resale will generate a meaningful revenue stream within 5 years.
Read the full report online at TheadUp Resale Report 2024 by clicking here.
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