According to a new report by thredUP, the world’s largest fashion resale platform, the second-hand market for luxury goods will double in the next five years, reaching $77 billion by 2025.
thredUP’s report shows that millions of shoppers are buying from second-hand stores and marketplaces instead of traditional retailers as more and more people become aware of the often negative impact that the fashion industry has on the environment.
Throughout the pandemic, there was a dramatic increase in second-hand shopping, with data suggesting that around 33 million consumers purchased pre-owned garments for the first time in 2020. thredUP predicts that second-hand shopping is a trend here to stay.
In a statement, thredUP CEO James Reinhart, said, “We are in the early stages of a radical transformation in retail. Consumers are prioritizing sustainability, retailers are starting to embrace resale, and policy makers are getting on board with the circular economy. Pollutive industries have the power to transform when technological innovation collides with the motivations of consumers, businesses, and government. We’ve seen it with electric cars, solar energy, and next, circular fashion.”