Several factors like high affordability, durability and good quality are responsible for the growing acceptance of secondhand clothes. The taboo associated with purchasing and wearing used clothes has been done away with. Many celebrities are now launching secondhand, sustainable clothes brands.
The future of the used clothes industry seems bright, and hence, many young entrepreneurs are venturing into this market. If you want to start a new business that involves upcycling or refurbishing used clothes and accessories, you can buy secondhand clothing by kg.
What Does The Future Hold for The Used Clothes Market ?
All sections of the fashion industry are embracing used clothes. Luxury brands are offering lucrative buyback offers to promote recycling and reduce their carbon footprint.
Likewise, garage sales and thrift stores are seeing an ever-increasing demand because the general masses are adopting used clothes. So, the overall growth of the used clothes industry remains positive, and the statistics from all over the world also affirm it.
Global Market Size
The secondhand clothes market is estimated to be worth around 71225 million US dollars. Moreover, this market size is rapidly expanding at a fourteen per cent CAGR. And if there are no major disruptions in the supply chain, then the market will reach 282748 US dollars by 2032.
Market Share Captured by Major Players
The big players who own large factories or warehouses and have huge investable capital hold only 8 to 12 percent of the industry. Hence, the majority of the players in the used apparel industry belong to small and medium-scale merchants, startups and budding entrepreneurs.
The fact that the market is not skewed towards the big players will ensure that monopolistic or duopolistic tendencies will not develop in the near future. Free and open competition and the involvement of many players will ensure that the end user will get good value for his money when he buys recycled clothes.
Factors That Propel The Used Clothes Market
According to a study by the Boston Consulting Group, there are several factors that propel the secondhand clothes market. Of these, affordability is one of the major factors. The rising cost of living is propelling people towards the used clothes market. Moreover, the rise of online stores that follow strict norms for privacy protection and product authentication protocols is also propelling the market.
Geographical Distribution Of The Used Clothes Industry
For a long time, the West has been accused of dumping its used and discarded clothes in regions of Africa and Asia. However, at present, notions and perceptions about used clothes have undergone a change.
At present, North America is the biggest market for used clothes. Business experts predict that 27 percent of the secondhand clothes market share belongs to North America.
The used clothes industry is thriving, and its acceptability will increase with time. More new players will enter the market, and in turn, they will propel innovation, which will improve market efficiency. In the future, there might come a time when developing countries of Africa and Asia may export their used clothes to the West for recycling.