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SECONDHAND CLOTHING MARKET SET TO BE TWICE THE SIZE OF FAST FASHION BY 2030

A new report suggests that the resale market will continue to boom

By Amy de Klerk
Jun 23, 2021
Christian VierigGetty Images

The fashion industry is moving into a much more sustainable position, a new
report has suggested. According to Thredup – which is a secondhand online store
based in the United States – the next 10 years will see the resale market grow
much faster than traditional retail with secondhand clothing expected to be
twice the size of fast fashion by the year 2030.

According to the global report – which was conducted by Thredup with analysis by
market research firm GlobalData – the resale market is growing at a rate 11
times faster than traditional retail and should be worth $84 billion by 2030,
with fast fashion predicted to be worth about $40 billion.

Inside the archives: restoring vintage Alexander McQueen
by Harper's BAZAAR UK

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REPLAY "INSIDE THE ARCHIVES: RESTORING VINTAGE ALEXANDER MCQUEEN"

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ALEXANDER MCQUEEN CATWALK

00:17
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ALEXANDER MCQUEEN SUPPORTS A TEAM ART EDUCATION

06:03
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INSIDE THE 2021 BAZAAR SUMMIT

03:05

Related Story
The best designer resale sites

The data suggests that secondhand fashion is also growing at a much faster rate
than sustainable fashion with consumers turning to resale more and more, which
has partly happened due to the emergence of more and easier-to-use resale sites,
making it more straightforward and appealing for consumers to both sell and buy
secondhand goods.

This has happened quite dramatically over the past 12 months. Thredup quoted
that 118 million consumers have tried reselling for the first time in 2021,
compared with just 36.2 million first-time sellers in 2020.

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"Displacing new clothing purchases means secondhand has the ability to change
fashion," Karen Clark, vice president of communications at ThredUp told WWD.

Jeremy MoellerGetty Images

Clark also went on to explain that although Millennials and Gen Z are adamant
about shopping more sustainably, the research showed a drop in the number of
consumers who said they would buy new 'sustainable' clothing. She believes this
to be because of price, but also because of greenwashing and the confusion
around what brands are determining 'sustainable' fashion to be, while consumers
also find sustainably marketed clothing to be less inclusive and transparent
than secondhand fashion.

The report suggests that sustainable retail has a long way to go in convincing
the younger generations to buy into it, but ultimately that the fashion industry
is heading in a more positive direction as the secondhand market will continue
to boom, while fast fashion will stall and decline.

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