Worldwide sales of pre-owned clothes rose by 18% last year to $197bn (£156bn) and are forecast to reach $350bn in 2028, according to a report by GlobalData for the resale specialist ThredUp.
The $350bn landmark is expected to be reached a year later than predicted, as global growth remains slightly behind previous estimates.
However, the US secondhand market grew seven times faster than overall fashion retail, where sales were flat in 2023 from a year earlier.
James Reinhart, the chief executive of ThredUp, said the resale sector had continued to grow in a tough market because it was "more resilient" when household budgets were squeezed. "When consumer sentiment is softer, value is key," he said. "People are looking to shop secondhand to drive more value."
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