Second-hand fashion market is booming
The crisis provoked by the coronavirus pandemic and the trend to support the environment played into the hands of the development of the second-hand goods market, which is experiencing a real boom today, writes Footwearnews.com
According to Vestiaire Collective, a major American online reseller, the global second-hand market today is about $ 30-40 billion, and its growth rate over the next five years could range from 15 to 20%.
According to Vestiaire Collective, which, in cooperation with the Boston Consulting Group, conducted a survey of more than 7000 respondents in France, Spain, Italy, Great Britain, and the United States, 62% of those surveyed, after the normalization of the situation in the world, plan to buy more on online resale sites.
However, it is noted that luxury brands can benefit from the growing consumer interest in second-hand goods. Thus, 62% of respondents said that they are more inclined to purchase second-hand goods from fashion market players who cooperate with second-hand marketplaces.
“There are many ways in which brands can benefit from a growing market. They will benefit as much from the development of the new circular economy as their customers, but understanding the opportunities is important to reap the benefits, the analyst says. “Brands should explore opportunities such as selling used goods, developing their own resale platforms, implementing buyback programs and partnering with existing resale platforms to leverage their expertise.”
The crisis provoked by the coronavirus pandemic and the trend to support the environment played into the hands of the development of the second-hand goods market, which is experiencing a real boom today, writes ...
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