In an era marked by heightened environmental consciousness and a growing appreciation for sustainable living, the global fashion landscape is undergoing a transformative shift towards eco-conscious consumption.
Valued at $7.9 billion in 2024, the global sustainable fashion market is projected to grow at a CAGR of 23.5% from 2024 to 2031, according to Cognitive Market Research.
This surge is driven by shifting consumer preferences towards sustainable and versatile clothing options, coupled with innovative designs and increased accessibility through various sales channels.
The pre-loved secondhand market is a powerful tool for reducing waste and extending the lifespan of apparel. But the benefits of resale extend beyond mere environmental impact; they also combat overconsumption by discouraging first-hand purchases. Consumers are recognizing this paradigm shift. Luxury resale platform Vestiaire Collective Impact Report 2023 showed that 85% of its users are willing to buy fewer, but better-quality items, indicating a growing demand for sustainable alternatives in the fashion industry. Meanwhile, PwC's Voice of the Consumer Survey 2024 revealed that 46% of respondents are buying more sustainable products as a way to reduce their impact on the environment.
Esta historia es de la edición July 2024 de Forbes Middle East - English.
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Esta historia es de la edición July 2024 de Forbes Middle East - English.
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