![]() ![]() The Durability Boost: 70% of fashion consumers say that the existence of a secondhand market encourages them to take better care of the items they own.The Upscale Effect: 85% of preowned buyers participate to reduce overconsumption by trading up fast fashion to fewer, higher-quality, longer-lasting items.The presence of a thriving preowned market encourages all three goals. The survey also reveals shoppers’ desires: to own fewer, better pieces to reduce overconsumption and to take better care of what’s in their closets. This shift has been accelerated by the pandemic, with 70% of respondents in 2020 saying they feel compelled to shop for preowned goods in an effort to become more sustainable, compared with 62% in 2018.Ī Thriving Secondhand Market Drives Sustainable Consumption Accelerated Consumer TrendsĪlthough affordability, selection availability, and item uniqueness have contributed to the growing popularity of the secondhand market, the survey reveals that consumers’ mounting environmental concerns are also a factor in the market’s growth. Combined, these developments are leading to a share of secondhand clothing in people’s closets that is predicted to grow from 21% in 2020 to 27% in 2023. The expansion is being driven by an increase in the number of customers starting to buy secondhand and by the number of secondhand pieces consumers are purchasing. ![]() The resale market is currently estimated to be worth $30 billion to $40 billion, with the market predicted to have a CAGR of 15% to 20% globally over the next five years, and even higher in developed markets, which could see a 100% YoY growth. This year’s survey, The Consumers Behind Fashion’s Growing Secondhand Market, of 7,000 individuals from six countries, reveals the diverse customer attitudes and behaviors of its respondents, the growing importance of sustainability-among other factors-in driving the resale boom, and some of the ways luxury brands can benefit from the growing resale market. PARIS- Vestiaire Collective, the leading global community platform for desirable preowned fashion, and Boston Consulting Group (BCG) have partnered for the second year running to study the evolving dynamics of the global resale market. Technology, Media, and Telecommunications. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |