By Cole Smith
“In 2021, the global market value of secondhand and resale apparel was estimated at a staggering $96 billion U.S. dollars” (Forbes). The secondhand market for clothing and shoes has witnessed a meteoric rise in recent years, with resale projected to almost double by 2027, reaching an impressive $350 billion (thredUP). Value stands out as the driving force propelling consumers towards secondhand shopping, offering the chance to snag their favorite brands at a fraction of the cost. Drawing parallels to the car market, where buying a lightly used car can yield substantial savings, a brand new pair of shoes retailing at $250 can now be found for a mere $150 in gently worn condition.
The resale market caters to a diverse array of players, from small business owners to middleman marketplaces like Grailed, Goat, Depop, eBay, and more. Consequently, the supply of coveted items in this market tends to be lower than in the retail sector. If a consumer is on the hunt for a pair of perfectly fitting secondhand jeans in a specific color with a particular type of distressing, the quest might entail much more searching than a simple visit to a retail storefront
Beyond its evident environmental benefits, the resale market plays a crucial role in boosting local economies. It encourages individuals to part ways with their old clothes and shoes, injecting funds back into their communities. The money generated from these transactions often circulates back into the world of fashion, creating a positive economic cycle. Some individuals even leverage these secondhand platforms to establish full-time resale businesses, contributing further to economic sustainability.
Moreover, the secondhand marketplace for clothes and shoes acts as a gateway for new consumers. The availability of more affordable clothing options empowers consumers to explore brands they might not have considered before. Reduced prices for name-brand clothes and shoes serve as entry points, enticing consumers to explore and invest in these brands more extensively than they might have initially envisioned.
In conclusion, the resale market for secondhand clothing stands as a testament to sustainability, affordability, and economic vitality.