Resale markets are said to be one of the fastest-growing industry of retail sector segments. It is also one of the few segments driven by the consumer’s demands rather than industry demands. After all, resale is not dictated by retailer led initiatives or marketing campaigns. With increasing awareness among the customers regarding conscious spending and environmental issues, more and more people are looking towards fashion-forward used shoes and used clothing for themselves.
Resale Growth
According to the 2020 Resale market report by ThredUP, most shoppers are planning to shift their spending towards used clothing in the next five years. In fact, resale is expanding at a speed of 21 times faster than the retail sector. This takes it to an estimate of about $51 billion market share. The rise in resale growth has been further accelerated by the post-pandemic shift in the 2020 consumer perceptions. In fact, where the whole retail market saw a huge slump in COVID-19 times, online thrift shops and used shoe stores were one big bright spot in the scenario. People sought more and more bargains from the comfort of their homes. This made the online second-hand sector grow at a pace of 69% in the period of 2019-2021, while the retail sector shrinks at 15%.
Consumer Trends
With more and more consumers looking towards shopping affordably for high quality used clothing, people found entertainment and value in thrifting from their homes. Though the closet sizes and fashion purchase numbers have fallen drastically in the pandemic, the pre-owned items have started increasing in the wardrobes. According to a recent survey done among 7000 consumers from around six countries, a deeper insight has been uncovered. The survey suggests a huge global growth potential over the next five years at a compound rate of 15% to 20%. This growth is also a result of mounting consumer concerns regarding the environmental repercussions of their shopping. Used clothing and used shoes are being preferred over regular ones due to their sustainable aspects.
Future of fashion
The future of fashion lies in the second-hand market. Consumers are seeking value for money and do more from home. More and more shoppers hope of owning fewer and better wardrobe items. Not only will this help in reducing overconsumption, but it will also help them in taking better care of what is already there in the closets. Other key drivers behind the thriving of the second-hand market are item uniqueness, selection availability, and affordability. A thriving resale market encourages the fulfillment of all these three goals.
Eco Impact
The eco-impact of resale market shift can be found in the simple fact that shopping for new clothes has started making the consumers feel guilty or shameful. Going for used clothing and used shoes gives them a feeling of going green. This gives them a euphoric boost in the mood. The pandemic has brought about a considerable shift in their mindsets, making them all agree to the fact that climate change needs addressing now more than ever. After all, throwaway fashion culture is a leading cause of overfilling landfills and depletion of natural resources. In terms of numbers, if every person added just one used clothing in their wardrobes this year, it would save 25b gallons of water, reduce 5.7B lbs CO2, and 449M lbs waste. This way, just by buying used clothing, you can get rid of your unwanted clothing and reduce your fashion carbon footprint.
Resellable Brands
Today, the bottom line for most of the brands is to capture this growing interest of the consumers in this segment. After all, they stand to achieve equally as their customers with this circular economy. However, in order to fully reap the benefits, they need to first understand where the opportunities are. Brands should start exploring more and more options of partnering with the existing resale players in this market so as to get outside expertise. Today more and more celebrities are also championing second-hand clothes to remove the stigma associated with used shoes and used clothing.
Methodology and Sources
It is in these terms that Samiyatex is playing a major role in this industry. They are the leading exporters of used clothing and used shoes since 1992. They specialize in the export of used shoes and majorly cater to 2 main world regions- Africa and America. They aptly understand the needs of each region and provide them what they need. They aim to solve the climate crisis in their own way by making the consumers wake up to the realities of fashion shopping. After all, second-hand shopping helps the shoppers in making the most of the available resources.
