50 Star US Inc.
The global market for used clothing is predicted to nearly quadruple by 2027 and reach a startling US$350 billion, according to the 2023 annual resale study published by thredUP, a US-based online resale platform.
More than one-third of merchants polled by thredUP said they would reduce new product creation if the resale market continued to develop significantly, which puts new product manufacturing at risk.
A rising understanding of the negative environmental effects of fast fashion, shifting consumer attitudes about ownership and sustainability, and the simplicity and accessibility of online resale platforms are just a few of the reasons for the growth of the second-hand clothing sector.
Pre-owned, high-quality apparel that not only helps consumers save money but also lessens their carbon footprint is becoming more and more popular.
The thredUP report emphasizes that the fashion industry's resale market is no longer a niche area, but rather a general trend that is anticipated to continue expanding in the ensuing years.
Retailers must change their business models to stay competitive as more customers choose used clothing.
Fast-fashion retailers who depend on the continuous manufacture of new clothing lines to meet consumer demand are particularly concerned about the threat to new product production.
However, this paradigm cannot be sustained over the long term and is a major cause of the industry's negative environmental effects. Retailers now have a chance to adopt more ethical and ecological business methods, such as circular fashion models that encourage garment reuse and recycling, as a result of the growth of the second-hand clothes market.
Finally, the expansion of the second-hand clothing market is anticipated to have a substantial impact on the fashion sector, both in terms of consumer behavior and retailer business methods.
Retailers will need to change to remain competitive as the market expands; many are anticipated to move toward more sustainable business models that stress circularity and lessen the industry's environmental effect.
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