The global apparel resale market is anticipated to reach US $ 64 billion by 2024 and is poised to grow at a CAGR of 24.6 per cent till 2030, according to a survey by We Market Research, a major online marketplace for used goods.
The second-hand industry is developing 21 times faster than the conventional retail market, according to the analysis. According to these figures, the re-commerce trend is here to stay and will continue to have an impact on the fashion industry going forward.
Re-commerce describes the purchasing and selling of previously owned apparel, accessories, and footwear through Internet marketplaces or physical retail locations.
The market is being driven by the rising awareness of the damaging effects of fast fashion on the environment, the rising desire for inexpensive and sustainable fashion, and the adoption of circular economy principles.
Future prospects of the global apparel resale market remain bright because the stigma associated with wearing secondhand clothes is slowly disappearing, it is gaining popularity in emerging markets such as China, India, and Brazil with technology playing a crucial role in the growth of this market.
