Global secondhand apparel market to grow at CAGR of 11.2% by 2031: Report

The global second hand apparel market sales are expected to grow at a CAGR of 11.2 per cent during the forecast period 2021-2031, despite a period of slower growth in 2020, according to a latest study by Future Market Insights.

Shirts &T-shirts held a market share of 29 per cent in 2021 owing to changing consumer preference with an expanding working woman labour force.

The report further states that Pakistan accounts for more than 40 per cent of second hand apparel sales in South Asia, owing to the presence of a large lower socio-economic consumer base, while Guatemala leads in Latin America accounting for over 30 per cent value share through the forecast period.

The growth is attributed to changes in lifestyles of the end-consumers coupled with industrialisation, urbanisation, economic development and globalisation that have accelerated sales in the fashion industry last decade, particularly in developing countries and regions.

E-commerce has also transformed shopping experiences, with more than 60 per cent of people choosing to buy products, services and obtain commodities via online platforms.

The report further mentioned that the presence of companies such as ThredUP and Poshmark that cater to the demand for inexpensive and ecological alternatives to new clothes will push growth in the coming years. The expansion of online distribution channels also will bode well.

Increasing consumer awareness of online resale platforms and fast-growing online start-ups offer pre-owned branded, designer goods and rental ethnicwear which is further pushing second-hand clothing market to get stronger.