Many of the world’s largest retailers are adopting more circular business models as fashion consumers display a shift toward more conscious consumption, especially among younger generations. According to thredUP’s Resale Report 2023, the global second-hand market grew 28% in 2022 to $177 billion and is expected to double in value to exceed $350 billion by 2027, with the second-hand apparel market growing three times faster on average than the global apparel market overall.
By 2024, 10% of the global apparel market is expected to be made up of second-hand apparel. Most of the change is expected to be led by Asia, followed by Europe and North America. The U.S. second-hand market is expected to be worth $70 billion by 2027. The resale market grew five times faster than the broader retail clothing sector in 2022, and it’s expected to grow nine times faster by 2027. In the U.S. alone, 52% of consumers shopped for secondhand apparel in 2022.
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