Fast & second-hand fashion market growth forecast 2019-2029

The fashion industry is projected to grow significantly in the next ten years. Two categories in the fashion industry that are of interest are the fast fashion market and the second-hand fashion market. By 2029, the fast fashion market is expected to grow by 20 percent. For the second-hand market this number is higher at 185 percent.

Market overview

Because of technological innovation, fashion in the last two decades has been produced at an accelerating speed. This so called 'fast' fashion is known for it’s accessible price point. Additionally, it often responds well to current trends because of product turnover, which further increases the appeal. European brands such as Zara or H&M currently dominate the fast fashion market, each company selling over 2 billion articles in 2018/2019. Second hand shopping, however, is an up and rising category of the fashion market. It can be seen as part of a 'slow' fashion movement, where consumers carefully curate their wardrobe for long lasting, staple articles of clothing. Consumers often cite sustainability, affordability, and uniqueness as some reasons why they choose to purchase second hand. In a survey from 2019, almost 90 percent of consumers stated that they made at least one second-hand fashion purchase that year.

Fast fashion vs. second-hand fashion

Despite the differences between the two competing markets, both fast and second-hand fashion provide affordable ways for consumers to tailor their style. For these reasons, both markets are projected to grow substantially in the upcoming years. By 2024, the value of the second hand apparel market was forecasted to increase to 64 billion U.S. dollars. This was a 50 billion increase from ten year prior. Similarly, the fast fashion market value will reach 43 billion U.S. dollars in 2029. As it stands, fast fashion may soon be outperformed by the second hand fashion market.