Rising costs to drive secondhand fashion: report

The apparel resale market to grow 85.5% between 2022 and 2026. 

The rising cost of living will likely drive more shoppers to secondhand markets, GlobalData reported. 

In its Apparel Resale Market Size and Trend Analysis, GlobalData found that the global apparel resale market will likely grow by 85.5% between 2022 and 2026 to $338.4b. 

In 2022 alone, the market is projected to be valued at $182.4b, representing a 31% growth. 

“With the growth of online platforms such as Depop and Vinted, fast fashion players are also trying to get onboard to stay relevant, with Zara the latest to announce the launch of its own resale service,” Emily Salter, Senior Apparel Analyst at GlobalData, said. 

“Though these services will only account for a small percentage of retailers’ total revenue and do little to truly increase their circularity, as they will still be dependent on pushing brand-new items too, retailers will hope to boost their sustainability credentials.”

Read more: Why are Hongkongers choosing to buy second-hand items

Despite this projected demand, Salter noted that prices of secondhand luxury items remain inaccessible for many shoppers.