In 2021, the global market value of secondhand and resale apparel was estimated to be worth 96 billion U.S. dollars. This value is projected to rise rapidly in the coming years, more than doubling in size from 2021 to 2025, before reaching a value of 218 billion dollars in 2026.
A lot of the growth in the second-hand apparel industry can be attributed to younger consumers. In a 2021 global survey, the generations most willing to buy second-hand apparel were Generation Z and millennials. It is seen as a cheaper and more environmentally friendly way to purchase clothes, both topics which are especially relevant to younger consumers. The reduced prices of second-hand apparel also make clothes which would otherwise be too expensive more accessible. This had led to growth in the personal luxury goods second-hand market.
One popular way that younger generations buy their second-hand clothes is via smartphone apps, which give shoppers greater choice and convenience. Depop’s monthly active users worldwide grew significantly over 2020 and 2021. Of course, many people still buy second-hand clothes from thrift shops.
Secondhand apparel market value worldwide from 2021 to 2026
(in billion U.S. dollars)
In this report, secondhand includes resale and thrift and donation.
GlobalData’s assessment of the secondhand market is determined through ongoing retailer tracking, official public data, data sharing, store observation, consumers surveys, and secondary sources. These inputs are used by analysts to model and calculate market sizes, channel sizes, and market shares. The analysis for this report was carried out in January 2022.
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Thredup. (May 17, 2022). Secondhand apparel market value worldwide from 2021 to 2026 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 07, 2022, from https://www.statista.com/statistics/826162/apparel-resale-market-value-worldwide/
Thredup. "Secondhand apparel market value worldwide from 2021 to 2026 (in billion U.S. dollars)." Chart. May 17, 2022. Statista. Accessed October 07, 2022. https://www.statista.com/statistics/826162/apparel-resale-market-value-worldwide/
Thredup. (2022). Secondhand apparel market value worldwide from 2021 to 2026 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 07, 2022. https://www.statista.com/statistics/826162/apparel-resale-market-value-worldwide/
Thredup. "Secondhand Apparel Market Value Worldwide from 2021 to 2026 (in Billion U.S. Dollars)." Statista, Statista Inc., 17 May 2022, https://www.statista.com/statistics/826162/apparel-resale-market-value-worldwide/
Thredup, Secondhand apparel market value worldwide from 2021 to 2026 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/826162/apparel-resale-market-value-worldwide/ (last visited October 07, 2022)