Apparel Resale Market

Apparel Resale Market

New York, September 2023: According to a new research study by Global Insight Services (GIS), the Apparel Resale Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 282.7 billion by 2032.

Trends in the fashion business change often these days, and celebrities and influencers encourage others to dress in contemporary apparel. However, not everyone can afford to buy high-end goods from a retail store. As a result, people choose to buy used apparel, which is projected to lessen the need for rapid fashion. Businesses are always devising new tactics to retain the attention of millennials, who are expected to outnumber boomers in the coming years. Companies are always analyzing everything from cost structure to storefront remodeling to adopting the Internet platform.

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Apparel Resale Market: Market Drivers and Trends

The number of people trying to engage in more sustainable garment purchases is growing, and for others, this means purchasing more used items. Many buyers are additionally contemplating how they will dispose of their apparel and footwear, and rather than tossing them out, they are selling or donating them to charity. This increased supply and demand is going to push the apparel resale market forward. The internet channel will also assist to make secondhand purchases more simple and widespread, especially among younger customers.

Furthermore In-house resale services, authentication, altering trainer resale market, value and lower-mass buyers, and physical shop success tactics are the important trends in the clothing resale industry. Apparel resale marketplaces remain the primary source of pre-owned clothing in less developed nations such as Malaysia and Thailand. Because retail internet penetration in these locations is still relatively low, online resale platforms have yet to acquire popularity. These drivers are likely to propel market expansion.

Apparel Resale Market: Market Restraints and Challenges

While the global garment resale industry will decelerate in the projection years as it grows older, it will still grow by double digits as resale platforms extend to new countries. Also, the rising inflation threatens the global apparel resale market because of dwindling discretionary incomes, some consumers may turn to resale to buy more affordable clothing, especially since value brands like PrettyLittleThing, Kiabi, and Primark have recently begun resale initiatives.. Hence, these factors are expected to restrain growth of the market during the forecast period.

Apparel Resale Market Report Findings

The clothes segment is likely to hold the major share of the market in 2022

Based on product type, the Apparel Resale Market is segmented into clothing, footwear, and accessories. The clothing segment is expected to dominate the market during the forecast period. This is due to the growing global popularity of recycled dresses and tops, particularly among women. The market is predicted to expand in the coming years as consumer preferences evolve, creating an abundance of demand for gowns and tops among women. Consumers have become more aware of the environmental impact of clothes production and are growing more demanding that apparel manufacturers enhance their dedication to sustainability.

The women segment is likely to hold the major share of the market in 2022

By target population, the market is classified into men, women, and kids. The women segment dominated the market in 2022 in terms of revenue and is expected to dominate the market during the forecast period. Women are increasingly flocking to secondhand sites as they seek to look for bargains and make an attempt to spend less. Secondhand clothing is far less expensive than brand-new garments, and because they are less expensive, ladies may afford to acquire higher quality without investing too much. Similarly, as knowledge grows, women are realizing the environmental benefits of wearing used clothing. They are opting for used clothing to limit the quantity of garments that wind up in landfills.

The Asia Pacific region is accounted for the majority of market share in 2022

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific has the biggest market share in terms of Apparel Resale Market value followed by North America. This is due to the confluence of increased access to the internet and a high market for luxury and unusual items. China and South Korea will witness the most rapid development in the area, owing to their existing internet infrastructures, which will allow them to fully capitalize on the growing number of online resale marketplaces. Furthermore, rise in the number of aware consumers, increased penetration of online businesses that allow individuals to purchase and sell pre-owned items, including garments, and the strong presence of prominent pre-loved clothing suppliers are driving the garment resale market in the North American contingent.

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Competitive Landscape

The key players studied in the Apparel Resale Market are Thredup Inc., The RealReal, Poshmark, Vinted, Micolet, Thrift+, Chikatex, HunTex Recycling Kft, eBay Inc. , and British Used Clothing Company, among others.

Apparel Resale Market: Recent Developments

  • In 2022, H&M has introduced a new second-hand clothes offer in Sweden, including apparel from H&M Group companies in addition to third-party labels including ASOS, Nike, and Zara.
  • In 2020, To compete with The RealReal, Tradesy, a designer reseller, purchased Fitz, a styling service. Fitz has been rebranded as Tradesy wardrobe Designer, a new menu option that enables sellers to hire an expert stylist to maintain and tidy their wardrobe as they sell.
  • In 2019, Farfetch collaborated with Thrift+, a resale site, to enable customers to donate unwanted items to charity in return for store credit. Thrift+ is an online apparel retailer that donates a percentage of its revenues to one of the UK’s 160,000 recognized nonprofit organization. It is a Dream Assembly participant in Farfetch’s technological accelerator program.

Apparel Resale Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current Apparel Resale Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
  • The report also covers qualitative as well as quantitative analysis of Apparel Resale Market in terms of revenue ($Billion).
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Apparel Resale industry.
  • A thorough analysis of market trends and restraints is provided.
  • By region as well as country market analysis is also presented in this report.
  • Analytical depiction of the Apparel Resale Market along with the current trends and future estimations to depict imminent investment pockets. The overall Apparel Resale industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
  • Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Apparel Resale Market are also analyzed.

Apparel Resale Market Segmentation

By Product Type

  • Clothes
  • Footwear
  • Accessories

By Target Population

  • Men
  • Women
  • Kids

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Key Players