The used clothing market is growing at a faster rate than the trendy new clothing market. It is assumed that the used clothing will take over the global fashion market for new clothing. Currently, the global market for such clothing is worth $175 billion dollars. It will double by the year 2027. The world market for old clothes can become $350 billion.
Figure 1: the global market for used clothing may reach $350 billion by 2027. Infographics by TexSpace Today
These facts have been highlighted in a report by the textile and apparel media platform TexSpace Today by analyzing the GlobalData 2023 Market Sizing and Growth Estimates & thredUP 2023 resale report.
According to the report, 52 percent of clothing buyers in the retail market bought second-hand or used clothing last year. 75 percent of them showed interest in such clothes. Even more surprising is the fact that 83 percent of Gen Z consumers have purchased or intend to purchase used clothing.
Gen Z is the generation born between 1996 and 2010. That is, their age is between 13 and 27 years. This Gen Z generation has become important for the textile and clothing market as well as other products. They have environmental awareness related to climate change concerns, digital transformation and the direct impact of corona and related economic considerations.
The report also said that the US secondhand market is expected to reach $70 billion by 2027 which is 5 times higher than 2022.
Figure 2: Most popular brands in resale. Infographics by TexSpace Today
New production is being discouraged to reduce the use of natural resources, including water, and to reduce carbon emissions in production to combat global climate change. As a result, the demand for used clothing is increasing.
The TexSpace Today report also said that some brand companies have also entered the market of used clothes due to the current market trend i.e., Levi’s, Torrid, Patagonia, Kate Strad, Everlane are mentioned in the report.
New commercial activities are being developed in the marketing network of such clothing to increase the demand. Various marketing networks have developed in the used clothing market. Many platforms like ‘New Look’ have stood up. Initiatives such as ‘clean out’ programs to clean old clothes as a complementary or feedback service have been added to the supply chain.
The report also said that many online sites like designer resale sites have sprung up to design vintage clothes. Expensive clothes can be rented in Europe-America
