Post by account_disabled on Feb 20, 2024 5:42:28 GMT
The US second-hand clothing market is expected to triple in value over the next 10 years, rising from $28 billion in 2019 to $80 billion by 2029, according to a new report. which currently has a value of 379,000 million dollars. In 2019, secondhand clothing grew 21 times faster than conventional clothing retail. Even more transformative is the potential for secondhand clothing to dramatically alter the prominence of fast fashion—a business model characterized by cheap, disposable clothing that emerged in the early 2000s, epitomized by brands like H&M and Zara. —. Fast fashion grew exponentially in the subsequent two decades, significantly altering the fashion landscape by producing more clothing, distributing it quickly, and encouraging consumers to overbuy at low prices. As researchers who study clothing consumption and sustainability, we believe that the secondhand clothing trend has the potential to reshape the fashion industry and mitigate the industry's detrimental environmental impact on the planet. What's next in fashion is becoming something big.
The second-hand clothing market is made up of two large categories_ second-hand stores and resale platforms. But the latter has largely fueled the recent boom. Second-hand clothing has long been perceived as worn and contaminated, primarily sought after by bargain or treasure hunters. However, this perception has changed, and many consumers now consider second-hand clothing to be of identical or Europe Cell Phone Number List even superior quality to non-clothing—or to buying second-hand clothes and reselling them—especially among young consumers. While fast fashion is expected to continue growing by 20% over the next 10 years, secondhand fashion is poised to grow by 185%. Thanks to growing consumer demand and new digital platforms like Tradesy and Poshmark that make it easy to trade everyday clothing in the digital resale market, it is quickly becoming the next big thing in the fashion industry. . The market for second-hand luxury goods is also substantial.
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Retailers such as The RealReal or Vestiaire Collective offer a digital marketplace for authenticated luxury consignment, where designer brands such as Louis Vuitton, Chanel and Hermès are bought and sold. The market value of this sector reached $2 billion in 2019. The secondhand clothing trend also appears to be driven by affordability, especially now, during the COVID-19 economic crisis. Not only have consumers reduced their consumption of non-essential items such as clothing, but they are also purchasing more quality clothing instead of cheap, disposable clothing. For clothing resellers, the current economic downturn combined with growing interest in sustainability has proven to be a winning combination. More conscious consumers? The fashion industry has long been associated with social and environmental problems, ranging from the poor treatment of garment industry workers to the pollution and waste generated by clothing production. Less than 1% of the materials used to make clothing are recycled to make new clothes, resulting in an annual loss of $500 billion for the fashion industry. The textile industry produces more carbon emissions than the airline and maritime industries combined. And about 20% of water pollution worldwide is the result of wastewater from textile production and finishing.