Every second, a truckload of clothing is landfilled or burned, according to the Ellen Macarthur Foundation, a global nonprofit foundation that advocates for a circular economy.
SEE ALSO: How online marketplace Piktina is leading fashion recommerce in Vietnam
A new report by online consignment platform ThredUp proposes that buying and wearing secondhand clothing instead of purchasing new apparel could reduce carbon emissions by 25 percent.
Here, key findings from the report.
The global secondhand market will nearly double by 2027
The global secondhand apparel market is expected to grow three times faster on average than the global apparel market overall, reaching USD350 billion by 2027.
By 2024, secondhand items could comprise up to 10 percent of the global apparel market, with Asia, North America, and Europe leading the charge.
Asia, in particular, is projected to spend almost USD150 billion on secondhand by 2027.
Sustainability is a top purchase driver for Generation Z
In the United States, two in five items of a Gen Z consumer’s closet are secondhand, according to the report.
More than 60 percent of Gen Z and millennials believe they can cut back on their fashion footprint through their closets, and they are likely to scour platforms for secondhand items before buying new. And 47 percent of Gen Z say they refuse to shop from non-sustainable brands and retailers, up from 2021.
With the fast fashion market anticipated to remain flat over the next decade, there is an opportunity for the resale market to gain market share – especially as consumers cite value, quality, and selection among their top spend motivators.
Branded resale programmes rose to new heights in 2022
Names such as Eileen Fisher and Patagonia are no strangers to sustainable fashion, but in the last year a number of other brands have launched branded resale programmes managed either in-house or by a third party.
H&M, Lululemon Athletica, J. Crew, and Tommy Hilfiger are just a few of the brands that now offer managed resale services in specific markets.
SEE ALSO: Five resale platforms in Asia Pacific to know right now
Retailers report increased sustainability, brand loyalty, and revenue as the top three reasons for opting into resale. While almost half of retailers with resale programmes believe the offering could stall new product sales in the short term, they believe the investment will yield positive long-term benefits for their brands.