Resale Market Growth Redefining Fashion Consumption Norms
The fashion industry has seen a major shift in recent years with the rise of the resale market. Resale, or the buying and selling of secondhand clothing, has been growing at an astonishing rate and is now redefining fashion consumption norms. From thrifting to online marketplaces, resale has become a significant player in the fashion industry. This trend has not only impacted the shopping habits of consumers but also the sustainability and environmental impact of the fashion industry. Let’s dive deeper into how the resale market is changing the way we consume fashion.
The Growth of Resale Market
In the past few years, the resale market has shown remarkable growth, with an estimated worth of $24 billion in 2018. This market is projected to reach $64 billion by 2024, surpassing the fast-fashion market which is estimated to be worth $44 billion by 2020. This surge in popularity can be attributed to the growing concerns about the environmental impact of the fashion industry, as well as the desire for unique and affordable fashion options.
The rise of online marketplaces like ThredUp, Poshmark, and Depop has made it easier for individuals to buy and sell secondhand clothing with just a few clicks. These platforms have created a community of fashion enthusiasts who are looking for unique and sustainable options. In fact, according to a report by ThredUp, 56 million women shopped secondhand in 2019, a 34% increase from 2018. This number is only expected to grow as more people become aware of the benefits of the resale market.
Redefining Fashion Consumption Norms
The traditional fashion industry operates on a linear model- produce, distribute, consume, and dispose. The rise of the resale market has disrupted this model, creating a circular economy where clothing is reused and recycled. This not only reduces the amount of clothing going into landfills but also decreases the demand for new clothing production, which is one of the biggest contributors to the environmental impact of the fashion industry.
Moreover, the resale market has also challenged the idea of fast fashion. Fast fashion is a term used to describe the quick production and consumption of low-cost clothing, often resulting in poor quality and unethical labor practices. With the resale market, consumers have a more sustainable option for affordable and unique fashion, rather than constantly buying from fast-fashion retailers.
The Impact on Fashion Brands
The rise of the resale market has not only impacted consumer behavior but also the fashion industry as a whole. More and more fashion brands are now incorporating resale programs into their business models. Brands like Eileen Fisher and Patagonia have launched circular fashion initiatives, allowing customers to trade in their old clothing for store credit or discounts on new items. This not only encourages sustainability but also promotes customer loyalty.
Some brands have even collaborated with resale platforms to sell their secondhand items, making it easier for consumers to shop sustainable options from their favorite brands. This trend is not only limited to mainstream brands, as luxury fashion houses like Gucci and Burberry have also tapped into the resale market by partnering with online consignment stores like The RealReal and Vestiaire Collective.
The Future of Resale Market
The growth of the resale market shows no signs of slowing down. With more consumers becoming environmentally conscious and seeking sustainable fashion options, the resale market is expected to continue its upward trend. In fact, a study by GlobalData predicts that the resale market will overtake the fast-fashion market by 2029.
Furthermore, the COVID-19 pandemic has also had a significant impact on the fashion industry, leading to an increase in online shopping and a shift towards more sustainable and conscious consumer behavior. This, combined with the fact that the resale market is recession-proof, makes it a strong contender in the future of fashion consumption.
Conclusion
The rise of the resale market has redefined fashion consumption norms by providing a sustainable and affordable alternative to fast fashion. It has not only impacted consumer behavior but also the fashion industry and its approach to sustainability. With its exponential growth and potential for a more circular fashion economy, the resale market is here to stay, shaping the future of fashion consumption.
