Summary
READ ITGlobal Second-hand Market Set To Nearly Double by 2027, Reaching $350 Billion
The second-hand market is poised for extraordinary growth in the coming years. According to a new report by Global data, the global second-hand market is expected to nearly double in value by 2027, reaching $350 billion. This expansion is expected to outpace the entire global apparel market by a factor of three.
U.S. Secondhand Market Expected To Reach $70 Billion by 2027
The U.S. second-hand market is expected to reach $70 billion by 2027, according to a new report by Global Data. This represents a nearly doubling of the market size from $39 billion in 2022. The growth is being driven by a number of factors, including:
- Changing consumer preferences
- The rise of online resale platforms
- The increasing popularity of thrifting and vintage shopping
Retailers Expect Resale To Generate Positive ROI and Plan To Increase Their Investment
The growth of resale is also having a significant impact on the fashion industry. For example, many major brands are now offering their own resale programs. This shows that brands are recognizing the importance of resale and are looking for ways to participate in the market.
Overall, the fact that 82% of retailers expect resale to generate a positive ROI and plan to increase their investment in resale is a very positive sign. It shows that resale is becoming an increasingly important part of the retail industry and that it is a trend that is here to stay.
Retailers With Branded Resale Programs Skyrocketed in 2022
The graph shows that the number of retailers with branded resale programs has skyrocketed in recent years.
This is important because it shows that retailers are recognizing the potential of resale and are investing in it to grow their businesses. Branded resale programs offer a number of benefits to retailers, including:
- Increased customer engagement
- Reduced waste
- Improved brand image
Resale Is Increasingly Driving Generation Z’s Purchasing Decisions
The graph shows that the resale value of apparel decreases significantly after purchasing.
This is important because it shows that consumers should carefully consider the resale value of apparel before purchasing it. If consumers are planning to resell their apparel, they should choose items that are likely to hold their value.
Second-hand Wallet Share Is Increasing As Inflation Persists
This infographic is of significant value as it highlights the fact the despite inflation there is an increase in spending with 30% of generation Z preferring to purchase second hand items to be able to afford luxury brands, highlighting a unique trend.
Second-hand growth by generation through 2027
This graph shows that through 2027 the second-hand market will see a 33% growth from millennials alone, with Gen Z and Gen X coming in at 28% and 26% respectively.
Second-hand growth by shopping cohort through 2027
Based on shopping cohort, this graph shows that through 2027 second hand will witness a 40% growth from existing shoppers and a 60% growth from new shoppers. Implying the underscored value of this emerging market.
Retailer Perspectives on Resale as a Business Initiative
This infographic highlights the significance and impact of the resale market and its impact on resellers. With 58% of retailers believing that resale is a vital business initiative to promote growth.
Buying Second-hand Significantly Reduces the Environmental Impact of Fashion
This info graph highlights the extent to which retailers within the next 2 years will diversify their resources towards, selling second hand items. With almost ⅔ of them anticipating this increased expenditure to increase their brand growth.
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Data Resource from: GlobalData 2023 Market Sizing and Growth
