How big is the second-hand market in Europe?

What is the value of Europe Second-hand Apparel market? Europe's second-hand apparel market reached a valuation of US$ 16,797 million in 2021.

How big is the second hand market?

- The global market for second-hand products was estimated to be worth a market valuation of around US$ 405.5 billion in 2022. The market is anticipated to advance with a booming 13.6% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 1.3 trillion.

How much is the second hand industry worth?

In 2022, the global market value of secondhand and resale apparel was estimated to be worth 177 billion U.S. dollars. This value is projected to rise rapidly in the coming years, almost doubling in size from 2022 to 2027, reaching a value of 351 billion dollars.

How big is the second hand luxury market?

The global Secondhand Luxury Goods market size was valued at USD 29401.59 million in 2022 and is expected to expand at a CAGR of 11.32% during the forecast period, reaching USD 55963.57 million by 2028. Who is the largest manufacturers of Secondhand Luxury Goods worldwide?

Is second-hand shopping becoming more popular?

Despite the various barriers to growth, it looks as if the second-hand market is set to thrive in the years ahead. According to Thredup's Resale Report 2023, the global secondhand market is expected to grow three times faster on average than the global apparel market overall and will be worth $351 billion by 2027.

Second Hand Shops in #Europe | Kringloop winkel | #Bargainshopping | Recycling | #sustainability |

How many people shop second-hand?

This is consistent with previous reports by other publications. In general, 69% of Gen Z users and 67% of millennial respondents said they have bought any secondhand item in the past 12 months. Gen X are less prone to having made secondhand purchases at 52%, followed by 45% of baby boomers.

How big is the second-hand clothing market in the UK?

UK ethical consumer spending hits £141 billion as second-hand clothing market booms. The second-hand clothes market is enjoying a boom, according to Ethical Consumer and The Co-operative Bank's 2023 Ethical Markets report.

Is the resale market booming?

The resale market is booming as inflation soars and consumers try to find ways to save. The global secondhand market is expected to reach $350 billion by 2025. Consumers we spoke with say both the pandemic and inflation have forced them to get creative so they can afford the labels they love.

What is the largest resale market?

EBay remains the largest marketplace for all things resale across hundreds of categories from vintage clothing to furniture, electronics, antiques and collectibles and lots more.

What sells the most second-hand?

U.S. consumers most commonly buy Clothing second-hand followed by Bags & accessories, while they are least likely to buy Pet products second-hand. These results are based on our representative online survey conducted in 2023 among 10,022 respondents in the United States.

Why are Gen Z buying second-hand?

Persistent high inflation, student debt, and the rising cost of living are primarily driving Gen Z's shopping preferences, says eBay's U.K. chief. Gen Z isn't letting the cost of living crisis stop them from getting their hands on high-end brands—they're just buying secondhand instead.

What is the future of the second-hand market?

The Global Second-hand Clothing market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031. In 2022, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

How fast is the second-hand market growing?

US secondhand market is expected to reach $70B by 2027. US resale will see accelerated growth in 2023, growing at 26%, and continue the momentum into 2024, growing at 33%. Online resale is the fastest-growing sector of the US secondhand market.

Is buying second-hand good for the economy?

So not only can you feel good about saving money and the environment, depending on where you shop, you'll also be supporting local causes. But buying used isn't just about supporting your budget, non-profits and the planet, you're also supporting local businesses and helping your local economy.

How many second-hand shops are there in the UK?

In the UK, there are over 3,800 second-hand stores that sell preloved items. In 2021, these stores saw a growth in sales by 27.2%.

Is thrifting becoming a trend?

According to ThredUp's Annual Resale Report for last year, secondhand shopping is becoming a global phenomenon, expected to grow 127% by 2026.

How to sell more in 2023?

What is the future of resale retail?

Resale as an industry is growing — and at 5x the rate of overall commerce. The market for pre-owned goods was $100 billion globally in 2022, and resale is expected to reach $250 billion globally by 2027, making up 23 percent of retail sales, according to the Ellen MacArthur Foundation.

How many people use Vinted?

Since their launch, Vinted has expanded into men's and children's clothing. As of December 2023, Vinted is available in twenty-one countries and has more than 65 million registered users.

Do people buy 2nd hand clothes?

There are millions of garments going to waste. So regardless of whether you can afford to buy brand new, it's okay to buy preloved; it's ethical and sustainable, good for people and planet. Of course, we need to keep the price of clothing low, so second hand fashion continues to be accessible for everyone.

Why is second hand shopping popular?

“People are particularly price sensitive at the moment, and secondhand goods offer the opportunity to get top quality products at slightly more reasonable prices, while retailers are increasingly prioritising sustainability,” said British Retail Consortium (BRC) economist Harvir Dhillon.

Why do Gen Z love thrifting?

For Gen Z, thrifting is more than just an affordable practice; it's a form of self-expression. With a wide range of one-of-a-kind items in thrift stores, they're able to find unique pieces that reflect their personal style. Some Gen Zers view thrifting and reselling as a challenge to find the diamond in the rough.

Why is second hand fashion growing?

Young consumers are increasingly opting for second-hand fashion for reasons including sustainability as well as "high street fatigue" as they become bored of standard high street shopping.

How popular is second hand clothing?

Seventy-five percent of all United States consumers and 83% of U.S. consumers belonging to Generation Z have either shopped or are willing to shop for second-hand apparel, according to online consignment and thrift platform thredUP's 2023 annual resale report.