According to a survey conducted in 2020, 85 percent of respondents agreed that offer/choice meaning being able to find large selections was the driver of consumer demand for secondhand products. Affordability was also a key driver of secondhand consumption for 77 percent of survey participants.
Secondhand apparel market overview
For apparel, most used or repaired articles are sold by the way of thrift stores or resale boutiques. Today, shopping secondhand is seen as respectable and trendy, as consumers become more aware of their personal environmental impacts. In 2019, a reported 25 percent of consumers worldwide had purchased secondhand clothing articles. By 2023, it is estimated that secondhand clothes will account for approximately 27 percent of consumer’s wardrobes worldwide.
Growth of the secondhand apparel
Due to these factors, the secondhand apparel market saw significant growth in recent years. In 2012, the market value of thrift and donation resale stores was valued at 11 billion U.S. dollars. The resale market, which still had not caught on, was indeterminable. By 2024, however, the market value of thrift stores was forecasted to reach 28 billion dollars. Similarly, the resale market was forecasted to jump 36 billion U.S. dollars over the course of 12 years. Some of the biggest secondhand retailers are Oxfam, Goodwill, Value Village, and Salvation Army. As of 2021, however, online retailers of used apparel, such as TreadUP, Depop or Vinted, were taking-off. Other online marketplaces not restricted to used apparel, such as Etsy or Poshmark, were reported to be popular, according to a survey from 2020.
Drivers of secondhand consumption worldwide in 2020*
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BCG. (October 20, 2020). Drivers of secondhand consumption worldwide in 2020* [Graph]. In Statista. Retrieved October 06, 2022, from https://www.statista.com/statistics/1235030/secondhand-consumption-reasons-worldwide/
BCG. "Drivers of secondhand consumption worldwide in 2020*." Chart. October 20, 2020. Statista. Accessed October 06, 2022. https://www.statista.com/statistics/1235030/secondhand-consumption-reasons-worldwide/
BCG. (2020). Drivers of secondhand consumption worldwide in 2020*. Statista. Statista Inc.. Accessed: October 06, 2022. https://www.statista.com/statistics/1235030/secondhand-consumption-reasons-worldwide/
BCG. "Drivers of Secondhand Consumption Worldwide in 2020*." Statista, Statista Inc., 20 Oct 2020, https://www.statista.com/statistics/1235030/secondhand-consumption-reasons-worldwide/
BCG, Drivers of secondhand consumption worldwide in 2020* Statista, https://www.statista.com/statistics/1235030/secondhand-consumption-reasons-worldwide/ (last visited October 06, 2022)