Moreover, the secondhand market is expected to increase 127% by 2026, three times faster than the global apparel market overall. Essentially, the circular market is growing rapidly, encroaching on fast fashion's profits with some estimating the secondhand industry will be worth over $700 billion by 2030.
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.
Thrifting has now become a preferred way of shopping for clothing. The resale market is expected to be worth around $350 billion by 2027, according to a report done by thredUP. Apps like Depop, Poshmark and eBay have been able to grow the online thrifting market making second-hand items accessible to anyone.
Thrifting has become increasingly popular. The sale of used clothes is expected to exceed $77 billion by 2025. That's more than double the amount from four years ago. "It's really a generational shift in consumption.
Well, for Gen Z it's about the whole vibe. Many feel that the era represents a carefree time that was about having fun. Considering the stressful reality we've been experiencing over the last few years, it's no wonder Gen Z are feeling nostalgic for a simpler time.
As much as 62% of Gen Z and Millennials say they look for an item secondhand before they buy a new version of it, according to the 2022 annual industry report from secondhand marketplace ThredUP.
“These days secondhand shopping is becoming the norm and, in many cases, preferred to buying brand new because of the wide variety of clothing available and the affordability compared to buying from a traditional retail store,” she said. Thrifting started to become a fashion trend during the pandemic thanks to TikTok.
Thrifting took off on social media in 2021 as a TikTok trend, with users making trendy #ThriftFlip videos of their best thrift store finds and transformations. As of September 2023, the tag "thrifting" has over 11 billion views on TikTok. And, for shoppers, thrifting is a great way to save you money.
An obvious reason why many millennials and Gen-Z like thrifting is because thrift shops offer quality items at lower prices. For the young adults who are still making their way to financial freedom, thrift shops are a good place to buy clothing and other items without having to spend too much.
By buying less and investing in high-quality pieces that are designed to last, we can reduce our overall consumption and minimize our impact on the environment. Thrifting is a great way to follow this principle, as it allows us to find unique, well-made pieces that have already stood the test of time.)
In 2050, clothing will be embedded with advanced sensors, enabling a seamless integration of technology and fashion. These smart fabrics will monitor our health, adjust temperature, and even help us customize our outfits.
Europe is blessed with a thriving thrifting scene, with thousands of flea markets and charity shops trading second-hand clothing over the counter and online every day.
The concept of thrift dates back to the early 19th century when charities and religious organizations would collect second-hand clothing and sell them to raise funds for their causes. However, it wasn't until the Great Depression of the 1930s that thrift shopping gained widespread popularity.
Gen Z spending habits show they care the most about fashion, makeup and beauty products, technology, and their pets. This is perhaps due to their young age and few major bills.
Probably the most indulgent reason for our thrift addictions is the opportunity our finds present to boast, brag and be proud of savvy style! I get a kick out of the compliments I receive on those pieces I either found for free or less than the cost of a Starbucks latte.
Ultimately, this has led to the rise of Gen Z and Millennials being the forefront of the thrifting fashion movement; this can largely be due to 70% of millennial and Gen Z consumers stating that sustainability is an important factor while making buying decisions.
Things constantly go in and out of style, fast fashion stores are overall just not good for the environment and constantly change. On the other hand, thrift stores not only recycle clothes that could have ended up polluting the Earth even more, but they also help save the environment!
The report said that Gen Z, the generation born between 1997 and 2012, shop the most at thrift stores, making up more than 40% of global consumers. Despite temporary closures of second-hand and thrift stores because of the Covid-19 pandemic, the local thrift industry is still growing strong, making the old new again.
While there's no “perfect” day to shop second hand stores, many regulars swear by shopping early on Monday and Tuesday. Homeowners tend to drop off garage sale leftovers on Sunday nights, making for new finds. Plus, the weekends are more crowded shopping days, so employees look to restock early in the week.
You'll find thrift stores in every neighbourhood (even central London!) The profits gained from thrift shops in the UK usually go to charity (hence why they are often called 'charity shops'). They are mostly run by volunteers and rely on donations from the public.
Gen Z sees thrifting as a lifestyle, the report explains. "Thrifting feels emblematic of the way Gen Z strays from the beaten path," Refinery29 Fashion Market Writer Eliza Huber said in a statement. "They want to be independent. They want to save the planet.
Thrifting promotes the reuse of these pieces, keeping more of these materials out of landfills for a longer period of time. In addition to reducing the amount of waste we create from manufacturing clothing, thrifting also decreases the amount of energy we use to make these clothing items.
Vintage t-shirts command high prices due to their rarity, cultural and historical significance, quality craftsmanship, exclusive designs, and brand appeal. The limited supply and growing demand from collectors and fashion aficionados contribute to the elevated prices of these sought-after garments.
Gen Z loves retailers who can jump on the buy-back bandwagon in style, helping them get cash for their unwanted clothes that they can use to buy new or refurbished items. Representing 40% of the total consumer base, this generation digs pre-loved, discounts and convenience.
