Reasons driving demand for secondhand articles worldwide 2022

According to a survey conducted in 2022, roughly half of respondents agreed that affordability and value was the key driver of consumer demand for secondhand products. Over a third of people cited the thrill of the hunt as their key motivation.

Secondhand apparel market overview

For apparel, most used or repaired articles are sold by the way of thrift stores or resale boutiques. Today, shopping secondhand is seen as respectable and trendy, as consumers become more aware of their personal environmental impacts. In 2019, a reported 25 percent of consumers worldwide had purchased secondhand clothing articles. By 2023, it is estimated that secondhand clothes will account for approximately 27 percent of consumer’s wardrobes worldwide. Specifically

Growth of the secondhand apparel

Due to these factors, the secondhand apparel market saw significant growth in recent years. In 2012, the market value of thrift and donation resale stores was valued at 11 billion U.S. dollars. The resale market, which still had not caught on, was indeterminable. By 2026, however, the market value of thrift stores was forecast to reach 31 billion dollars. Similarly, the resale market was forecasted to jump 42 billion U.S. dollars from 2020 to 2026. Some of the biggest secondhand retailers are Oxfam, Goodwill, Value Village, and Salvation Army. As of 2021, however, online retailers of used apparel, such as TreadUP, Depop or Vinted, were taking-off. Other online marketplaces not restricted to used apparel, such as Etsy or Poshmark, were reported to be popular, according to a survey from 2020.