Fast fashion is the issue on the tip of every industry elites’ tongue, as consumers have been turning to the discount bins for their latest looks and promoting the throwaway trend. However new analytics from GlobalData indicate that this trend may be moving over to make room for another. Used fashion is becoming the consumers pick over fast fashion, with many people preferring to buy pre-loved items over brand-new ones.
While the fast fashion industry was worth over $35 billion USD in the US in 2018 and the used fashion market was only worth $24 billion, data indicates that this difference is about to become a lot smaller. By 2028 the used fashion market is expected to take off to a valuation of $64 billion, while the fast fashion market will only rise to $44 billion, with 13 percent of women’s clothes being second hand.
One of the most significant influences over this shift in trends in the fashion industry’s new approach to pre-loved fashion, moving from drab and worn to affordable vintage. New digital and bricks and mortar establishments have been popping up around the world which offers a unique second-hand experience for customers. thredUP in the US and Thrift+ in the UK are two of the most popular online second-hand offerings which present pre-loved fashion in a more attractive light. These groups are selling a combination of second-hand luxury and mid-tier apparel and accessory items from brands such as Versace and Burberry representing the higher end, and Toms and Hershel serving more budget-conscious shoppers.
Director of GlobalData Neil Saunders released a statement regarding the seemingly extreme growth of this sector. “Compared to the overall apparel market, resales growth has been phenomenal," he presented. "As the market uniquely meets consumers' preference for variety, value and sustainability, we expect this high growth to continue.”
