Vintage clothing and shopping in second-hand shops
The re-sale market will be valued up to 350 billion dollars by 2027 according to the online second-hand platform Thredup. Generation Z shall be the leading factor as the last report reads.
It is expected that the global second-hand market will get bigger three times faster compared to the global clothing market by 2027. According to the estimates it will be driven by consumers – representatives of generation Z (Gen Z) according to the online second-hand platform Thredup. People born from 1995 to 2012 are considered to be generation Z.
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Gen Z and thousands of consumers will make up almost two-third of the additional spending on second-hand goods due to an increase in their purchasing power. This is according to the 11th annual report on resales issued byThredup.
The report for 2023 contains brands efficiency data. A survey was carried out among 3 000 adult Americans - they were asked about their preferences to pre-owned goods. The second-hand clothing platforms have lots of opportunities to enlarge their online activity and to get to Generation Z who have already been buying second-hand clothes online.
The report also reads that 58% of the representatives of generation Z who have purchased second-hand clothes over the last 12 months have made such a purchase online at least once – more than any other generation.
"Generation Z is a digital generation", says the President of Thredup Anthony Marino. "Their habits for communication, entertainment and shopping are related to mobile devices, so, it is quite logical for this generation to be the leading one in the development of markets", added he. It is expected that by 2027 the online re-sale of pre-owned goods will go up to 38 billion dollars and it will grow twice faster than that of the second-hand goods in general, as the report reads.
The demand for second hand goods makes retailers re-assess their strategies. Marino points out that about 86% of the retail leaders claim that their clients have been actively involved in re-sale, which is by 8% higher than 2021.
Re-sale turns into a pawn for retailers because more than half of the representatives of Generation Z share that they would rather buy from a brand offering pre-owned goods together with new ones.
