According to various estimates, the value of the second-hand apparel, footwear and accessories market is currently between $100 billion and $120 billion worldwide, more than three times what it was two years ago. conducted by Boston Consulting Group (BCG) and global resale platform Vestiaire Collective.
The BCG study titled "What the Accelerated Used Market Means for Fashion Brands and Retailers" also states that the second hand market already accounts for 3% to 5% of the entire apparel, footwear and accessories sector and could grow to 40%.
Second hand items currently occupy about a quarter of second-hand shoppers' closets and are expected to take up to 2023% of their closets in 27, suggesting that the second hand market is showing no signs of slowing down. It should be noted that Gen Z consumers are most likely to both buy (31%) and sell (44%) used clothes, shoes and accessories, followed by millennials (27% and 37% respectively).
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