The Apparel Resale Market was valued at US$ 71.2 billion in 2022 and it is anticipated to grow up to US$ 282.7 billion by 2032, at a CAGR of 14.8% during the forecast period.
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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.
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.
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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.
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.
Major Players in the Apparel Resale Market
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.
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COVID-19 Impact
While the retail business has been severely impacted by COVID-19, the global apparel resale market has fared well in the face of the epidemic. With over $64 billion in sales over the next five years, the resale sector is predicted to develop five times faster than the quick fashion business by 2029. Nonetheless, throughout the worldwide epidemic, consumers were relegated to their homes, lost their jobs, and had to raise their expenditure on necessities.
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