Second Hand Apparel Market Scope
Trends in the fashion industry change frequently, encouraging celebrities and influencers to dress contemporarily. However, not everyone can afford to buy quality goods from retailers. Therefore, they choose to buy second-hand clothes, which will reduce their need for rapid fashion. In addition, demand for women's formal wear is growing rapidly worldwide due to the significant expansion of the working female workforce. This factor is projected to have a significant impact on the growth of the global second-hand clothing industry. Increased chances of used garments among the low-income group due to their affordability may serve as a growth multiplier apparel business.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Thredup Inc. (United States), The RealReal, Inc. (United States), Tradesy (United States), Buffalo Exchange (United States), Micolet (Spain), Poshmark (United States), Mobacotex (Germany), Vinted (Lithuania) and Carousell (Singapore) |
CAGR | % |
Manufacturers can collaborate with retailers or online resale platforms to ensure their products have a prominent presence in the second-hand market. By partnering with established players, manufacturers can gain access to a broader customer base and benefit from their marketing and distribution channels.
Thredup Inc. (United States), The RealReal, Inc. (United States), Tradesy (United States), Buffalo Exchange (United States), Micolet (Spain), Poshmark (United States), Mobacotex (Germany), Vinted (Lithuania) and Carousell (Singapore) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Second Hand Apparel market by Type and Region with country level break-up.
On the basis of geography, the market of Second Hand Apparel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In April 2018, Tradesy, the largest peer-to-peer marketplace for women's designer fashion, acquired Fitz, with this acquisition, Tradesy is pleased to announce the launch of Tradesy Closet Concierge, a service that delivers luxury wardrobe management by professional stylists, including organizing, styling, and resale consignment services.
In February 2022, H&M launched a new second-hand apparel offer in Sweden in its domestic market which include second-hand garments from H&M Group brands as well as third-party names.
Influencing Trend:
Growing Trend for Fashionable clothes and Special Event Apparel
Market Growth Drivers:
Growing Popularity of Online Marketplaces for Second-Hand Clothes and Rising Demand for Vintage and Retro Clothing
Challenges:
As the Popularity of Second-Hand Apparel Increases, The Market Has Become More Saturated with Sellers and Platforms
Restraints:
Limited Availability Such as Specific Sizes, Styles, and Brands Hamper the Growth of the Market
Opportunities:
Increasing Penetration of Internet and Online Shopping Platforms
Key Target Audience
Clothing Companies, Distributors/Suppliers, Potential Investors, New Entrants and Investors, Market Research and Consulting and Others