With an expected CAGR of 14.8 per cent during the forecast period of 2022 to 2032, the global second-hand clothing market is expected to reach US $ 282 billion by 2032.
The market size for this segment stood at US $ 71.22 billion in 2022.
A report from Future Marketing Insights says that increasing awareness about sustainable fashion, the growing trend of ‘thrifting’ i.e. buying second-hand clothing and rising popularity of online marketplaces for buying and selling second-hand clothing are what can be attributed to this growth.
In the coming years, the market growth will be driven by an increasing focus on sustainability in the fashion industry and growing demand for vintage and retro clothing, along with an increasing number of online spaces to buy and sell recycled clothing.
Gucci, Burberry and Stella McCartney are some of the luxury brands which have started to embrace the second-hand market and have partnered with online marketplaces like The RealReal and Vestiaire Collective to sell their pre-owned clothing items.
Currently, North America is the largest market for second-hand clothing with Europe and Asia-Pacific regions following close behind.
