NEWARK, DE / ACCESSWIRE / June 7, 2023 / As per newly released data by Future Market Insights (FMI), the USA & Canada secondhand apparel market is expected to be worth US$ 28,095.0 million in 2023. It is further projected to cross US$ 89,624.4 million by 2033, growing at 12.3% CAGR from 2023 to 2033.
The market is undergoing remarkable growth, fuelled by several factors that are reshaping the industry. One of the key drivers is the increasing demand for sustainable fashion.
As consumers become more environmentally conscious, they are actively seeking alternatives to fast fashion and embracing the concept of circular fashion. Secondhand apparel provides a sustainable solution by extending the lifecycle of garments and reducing clothing waste.
Cost-effectiveness is another significant factor driving market expansion. Secondhand clothing offers affordable options for individuals who want to access quality brands and designer items at a fraction of their original retail price. This appeals to budget-conscious consumers, particularly millennials and Gen Z, who are looking for value for their money.
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The market is also benefiting from the wide variety of clothing options available. Secondhand platforms offer a diverse range of styles, brands, and sizes, catering to different tastes and preferences. This extensive selection provides consumers with the opportunity to express their individuality and personal style.
Online platforms have played a crucial role in the market growth, providing convenience and accessibility to consumers. The rise of e-commerce has made it easier for shoppers to browse and purchase secondhand items from the comfort of their homes.
Furthermore, the emergence of rental and subscription services has added a new dimension to the market, allowing customers to enjoy a rotating wardrobe without the commitment of long-term ownership.
Key Takeaways from the USA & Canada Secondhand Apparel Market Study
"The USA & Canada secondhand apparel industry is poised for continued growth. Evolving consumer attitudes towards sustainability, advancements in technology and collaborations between industry players will drive innovation and expansion. Cost-effectiveness and options of rentals are likely to pull more customers over coming years.", says a lead analyst at FMI
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Impact of COVID-19 on the Market
The COVID-19 pandemic had a significant impact on the USA & Canada secondhand apparel market, leading to initial disruptions with the closure of physical stores. Though, the market quickly adapted, with a shift towards online sales and an increased focus on sustainability. Online platforms became the primary channels for transactions, and thrift shopping saw a rise in popularity due to affordability.
The pandemic also prompted individuals to engage in closet cleanouts and donate clothing, increasing the inventory in the secondhand apparel market. Furthermore, while the pandemic initially posed challenges, the market demonstrated resilience and adaptability, with the potential for long-term shifts toward sustainability and online shopping.
Who is winning?
Key players present in the USA & Canada secondhand apparel industry are ThredUP, Poshmark, The RealReal, Depop, Goodwill Industries, Salvation Army, Tradesy, Vestiaire Collective, Grailed, Mercari, Buffalo Exchange, Crossroads Trading, ASOS Marketplace, and Rebag among others.
Competitive Landscape
The competitive landscape of the USA & Canada secondhand apparel industry is characterized by a mix of established players and emerging online platforms. The market is witnessing increased competition as both traditional retailers and fashion brands enter the secondhand space, offering a wider range of options for consumers.
The players have increased focus on partnerships & collaborations along with enhanced product offerings. Key players are directed towards mergers, product launches, and acquisitions to enhance their market presence.
For instance,
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The United States & Canada Second-hand Apparel Market Outlook by Category
By Product Type:
By Sector:
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Table of Content
1. Executive Summary
1.1. Market Outlook
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Factors Influencing the Decision-Making Process
4. Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Volume (Million Units) Analysis, 2018 to 2022
4.2. Current and Future Market Volume (Million Units) Projections, 2023 to 2033
4.3. Y-o-Y Growth Trend Analysis
5. Market - Pricing Analysis
5.1. Regional Pricing Analysis By Product Type
5.2. Pricing Break-up
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