Newark, Dale, September 26, 2022 (GLOBE NEWSWIRE) – Global second hand clothes market It is expected to grow from 71,225.6 USD Minnesota In 2022 to 282,748.6 USD Minnesota By the end of 2032, with overall used clothing sales accelerating at a compound annual growth rate of more than 14.8% Throughout the forecast period (2022-2032).
Increasing popularity of second hand clothes due to its easy availability and low cost, changing lifestyles and fashion tastes, rapid penetration of online shopping platforms offering wide range of second hand clothes are some of the major factors driving the demand in the global market.
The fashion industry has changed dramatically since the beginning of the globalization movement. Changes in lifestyle due to industrialization, urbanization, economic growth and market globalization have intensified over the decade, and have had a significant impact on the standard of living of individuals, particularly in emerging nations and in rapid social and economic transformation.
As living conditions improved and access to services increased, global competition led to the introduction of a variety of new product innovations, such as recycling and selling discarded clothing.
E-commerce has changed the entire shopping experience, as more and more consumers around the world prefer to buy things, choose services, and get goods online. Home delivery, subscription models, and other features are fueling this transformation.
Product reviews and other e-commerce features help merchants research their audience’s behaviors, likes, dislikes, and trends in order to develop products and services that match requirements and convert them into potential buyers. Hence, online distribution has fueled the growth of the second-hand market.
Changing consumer behavior, which is replacing fast fashion purchases with resale, is one of the primary factors emerging as a major factor driving the demand for used clothing. Consumers are turning to thrift to reduce harmful production as a result of increased awareness about ethics and sustainability.
Main takeaway from second hand clothing market study
- By product type, the dresses and blouses segment is expected to grow at a compound annual growth rate of 11.4% during the forecast period.
- By sales channel, the online retailer segment is expected to grow in 22.1% compound annual growth rate Between 2022 and 2032.
- In terms of the target population, the female segment is expected to receive a large share of about 46.4% in the used clothing market.
- The Indian used clothing market is likely to expand at a CAGR of 17.9% during the evaluation period.
- The United States owns a share of about 86.3% The second-hand clothing market in North America is expected to grow at a compound annual growth rate of 21.2% over the next ten years.
- The demand for second garments in Australia is expected to rise at 12.5% compound annual growth rate during the forecast period.
“second hand The major players in the apparel market are formulating strategies and focusing on expanding their business by introducing new brands and expanding their inventory portfolio. They also focus on an eco-friendly way of doing business by offering eco-friendly second hand Clothing. ” Says an FMI analyst.
Who’s the winner?
The major players present in the used clothing market are Thredup Inc. RealReal, Poshmark, Vinted, Micolet, Percentil.ma, Thrift+, Chikatex, HunTex Recycling Kft, eBay Inc. and British Used Clothing Company. and A&E Used Clothing Wholesale, Mobacotex, Tradesy, and StockX among others.
Leading used clothing manufacturers focus on promotional strategies, advertisements and new product launches which have led to the growth of used clothing market sales globally.
Get more valuable insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global used clothing market, presenting historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study reveals compelling insights into the used clothing market based on product type (Dresses, T-shirts, T-shirts, sweaters, jackets, coats, jackets, jeans, pants, etc.), sector (resale, traditional thrift stores, donations), target population (men, women and children), and sales channel (wholesalers/distributors). supermarkets/supermarkets, multi-brand stores, independent convenience stores, department stores, online retailers, and other sales channels) across seven major regions.
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Browse the full report @ https://www.futuremarketinsights.com / reports / used clothing market
1. Executive Summary
1.1 Global Market Outlook
1.2 SUMMARY OF KEY RESULTS
1.3 Summary of key stats
1.4 FMI Analysis and Recommendations
2. Market Overview
2.1. Market classification
2.2. Market definition
3. Main market trends
3.1. The main trends affecting the market
3.1.1. Looking good is now becoming self-respect among customers
3.1.2. Millennials are the driving force
3.1.3. The growing trend of personal grooming among men
3.1.4. The rapid emergence of startups in the used clothing market
3.1.5. Wealthy working population
3.1.6. Changing the retail landscape
3.1.7. Increase consumer awareness of online resale platform
3.1.8. Globalization affects lifestyles
3.1.9. Consumers’ choice of home services using e-commerce
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