Future Market Insights, Dubai, UAE, April 01, 2020 (GLOBE NEWSWIRE) -- The secondhand apparel market is projected to grow at a tremendous CAGR of 11% during the forecast period (2029-2027). A significant increase in millennial spending, preference in clothing brands, and overall economic growth are predominant factors driving the sales of secondhand apparel.
“The young generation's inclination towards online reselling platforms to buy environmentally-friendly clothing will continue to be a major booster to sales,” reveals Future Market Insights (FMI), in its new study.
Secondhand Apparel Market – Key Takeaways
- The Middle East & Africa (MEA) will remain the key regional market for secondhand apparel.
- MEA market is upheld by the high import of used clothing from the US and Europe, and high prevalence of secondhand clothes in Sub-Saharan African countries such as Kenya.
- Dresses and tops will remain the sought-out categories, with more than 1/3rd of total sales.
- Shirts and T-shirts would outpace other types of apparel in terms of growth in the near future.
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Secondhand Apparel Market – Key Driving Factors
- Increasing spending power of millennials is enabling them to explore trendy, low cost, and classy-style used clothes.
- Growing affordability and availability of used clothes are giving a significant thrust to sales of secondhand apparel.
- Rise in working women’s population, demand for formal dresses among women is expected to further drive the market.
- Increasing consumer awareness of online resale platforms and rapidly growing online start-ups for selling pre-owned branded clothes is giving significant traction to sales.
Secondhand Apparel Market – Key Constraint
- The narrowing gap between the brand-new and secondhand apparel is expected to hold a considerable impact on the rapid growth of the market.
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Competition Landscape
Some of the leading players in the secondhand apparel market are Thredup Inc., The RealReal, Poshmark, Vinted, Micolet, Percentil.ma, Thrift+, Chikatex, HunTex Recycling Kft, British Used Clothing Company, eBay Inc., A&E Used Clothing Wholesale, Mobacotex, Tradesy, StockX, among others. The market players are investing in promotional activities, expansion of sales outlets, and are entering into strategic partnerships with prominent retailers to cater to growing demand from consumers.
More About the Report
The FMI’s market research report of 250 pages offers comprehensive insights on the secondhand apparel market. The study divulges compelling insights on the secondhand apparel market based on product type dresses & tops, shirts & t-shirts, sweaters, coats & jackets, jeans & pants, and others), sector (resale, and traditional thrift stores and donations), end-user (men, women, and kids), and sales channel (hypermarkets/supermarkets, specialty stores, independent small stores, departmental stores, and other sales channel) across six major regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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