Secondhand Will Be Larger Than Fast Fashion Within 10 Years
- Christoper Whitted. CEO, Open Source Software.
RESALE DISRUPTORS ARE GROWING BY 15% ANNUALLY, WHILE RETAIL BY 2% ANNUALLY
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More than 20 billion pairs of shoes are produced annually and roughly 300 million pairs are thrown away. 300 million!
Called the circular economy, the market for second-hand items has been growing steadily over the last decade. The downturn in the economy initially contributed to this growth, but so did an increasing desire to make more responsible, less wasteful fashion choices. A new wave of digital platforms has been introducing the marketplace to used clothing outside the thrift store. Even traditional retailers like Patagonia, Macy’s and JC Penny are getting into the secondhand business.
The resale customer has become savvier and will shop all the available markets. Mass market or luxury, if an environmentally-conscious consumer can find a high-quality product for a lot less, they will choose used. As the line between new and used apparel blurs for consumers, and the stigma of used clothing fades, retail as we know it will be transformed.
Resale 2017
Billion
Resale 2022
Billion
Retail 2017
Billion
Retail 2022
Billion
d
RESALE HAS GROWN
X
FASTER THAN THE RETAIL APPAREL MARKET OVER THE PAST THREE YEARS
THERE ARE MORE SECONDHAND SHOPPERS THAN EVER BEFORE
“Rental & pre-owned will increase as consumers regularly update looks for social media & as consumer attitudes toward ownership and sustainability change.”
– Shoptalk x Robin Report on “75 Ways Retail Will Change in the Next Decade”
The Eco-Impact If Everyone Shopped Thrift
If everyone bought just one used pair of shoes instead of new this year, we would save:
SAVINGS OF
BILLION LBS OF CO2
EQUIVILANT TO
All the cars in Los Angeles taken off the road for 4 years.
SAVINGS OF
BILLION KWH OF ELECTRICITY
EQUIVILANT TO
The annual power consumption of 32 million homes
SAVINGS OF
TRILLION GALLONS OF WATER
EQUIVILANT TO
