The radiant future of the second-hand: it will be worth 64 billion in 2024

The radiant future of the second-hand: it will be worth 64 billion in 2024

A bit for sustainability, while (probably) much more due to monetary reasons. The second-hand market is growing and seems to have a radiant future ahead. Total turnover, which was of 28 billion USD in 2019, (with about 64 million consumers worldwide), will reach a turnover of 64 billion USD within 5 years. And in 2024 it will weigh 17% of the entire segment’s revenue (including clothing and accessories), compared to the 3% of 2009.

The radiant future of the second-hand

Data comes from ThredUp, company based in San Francisco that defines itself as the “Largest Online Consignment & Thrift Store”. According to the report cited by Retail Dive, 79% of consumers plans on reducing the purchases of clothes and similar in the next 12 months. 80% states they have already bought a second-hand item or is decisively interested in doing so. Reason? Saving money.

GenZ & Millennials

The growing interest towards this market is confirmed by other aspects. For example, the percentage of consumers part of the Generation Z has stated to have bought clothes, footwear or used accessories. The % went from 26% in 2016 to 40% in 2019. For Millennials the increase was of 21% to 30%, for the same years.

Damaging fast-fashion

52% of all consumers claims they will spend more on second-hand items in the next 5 years, according to ThreadUp. The report forecasts that second-hand will reach 17% of the total clothin and accessories market by 2024. This fact will damage fast-fashion brands. Frye, Tory Burch, Kate Spade, Dooney & Bourke and RayBan are at the top of list as brands with the best resell value. Handbags, coats, dresses and boots are items that, says the portal, are the “easiest to resell”.

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