We’ve known it was coming for a long time! Watch out fast fashion, second-hand clothing is about to overtake you.
According to Scott Galloway New York University business professor and renowned tech pundit, “The new disrupter in retail, the new gangster that’s going to create hundreds of billions in shareholder value is the second-hand resale market.” And who’s driving it? Young people according to Mr Galloway.
And this concurs with other research we’ve been finding. The resale apparel industry is growing 21x faster than the standard retail apparel industry (thredUP) and millennials are cashing in. 61% of millennials sold something in the last year, compared to 54% of Gen X and 51% of baby boomers. The number of people selling second hand clothing, homewares, games and toys and electronic goods has doubled since 2011 (Gumtree, SHE report), with clothing, shoes and accessories now the most popular items to sell.
Further research from the US indicates that the second-hand clothing market will grow from $US24 billion ($35.5 billion) in the US in 2018, to $US64 billion by 2028. While fast fashion will continue to grow it won’t be at the same rate – from $US35 billion to $US44 billion in 2028.
Now is the time for businesses to be innovating and providing options for consumers to buy second-hand products. In a survey by Amplify talking to 2000 Australians aged 18 to 30, “1 in 3 felt passionately about the environment and sustainability, demonstrating they are actively trying to tackle this problem.”
34% also believe brands should be leading the way when it comes to saving the Planet, with 4 out of 10 want the brands they buy to make the world better and almost the same want the brands they buy to reflect their values.
And given the success of ‘If The Shoe Fits’, Brisbane’s first Circular Economy Pop-up, in the heart of Brisbane’s CBD at the Wintergarden this Brisbane Fashion Month the research appears to match market demand!
Drop in and visit our friendly team at shop 14 in the Brisbane Wintergarden for the new circular economy way of shopping – putting your money towards people, planet and purpose!