26 July 2022, Mumbai:
Secondhand Apparel Market 2022 Outlook, Current and Future Industry Landscape Analysis 2031.
The global secondhand apparel market sales are expected to grow at a healthy CAGR of 11.2% during the forecast period 2021-2031, despite a period of slower growth in 2020, according to a latest study by Future Market Insights.
With the globalisation, the fashion industry considerably transformed. Changes in lifestyles as a result of industrialization, urbanisation, economic development, and globalisation have accelerated sales in the fashion industry last decade, particularly in developing countries and regions in rapid socio-economic transition.
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E-commerce has transformed shopping experiences, with more than 60% of people choosing to buy products, and services, and obtain commodities via the internet. Home delivery, subscription models, and other perks are major reasons for this change.
Product reviews and other features of e-commerce help merchants study purchase patterns and trends to create products and services that meet the needs of potential buyers. This provides useful information that retailers can use to develop effective marketing strategies.
The presence of companies such as ThredUP and Poshmark that cater to the demand for inexpensive and ecological alternatives to new clothes will push growth in the coming years. The expansion of online distribution channels also will bode well.
To retain clients, numerous fashion retailers are implementing recycling initiatives and releasing new collections of clothing made from eco-friendly fibers.
Increasing consumer awareness of online resale platforms and fast-growing online start-ups offer pre-owned branded and designer goods and rental ethnic wear.
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