10 figures that illustrate the resale fashion market in 2021

By Leana Esch

Oct 26, 2021

Brands and retailers alike have been seduced by the resale market, from fast fashion brands launching their own platforms, to luxury houses setting their sights on a more conscious future. Their point in common? Using resale initiatives to boost its sustainability credentials, H&M being the latest to do so on September 7, in Canada, reports Business of Fashion (BoF). We at FashionUnited have put together the 10 key figures you need to understand the current state of the resale fashion market.

$1.6 billion

Brooklyn, New York-based Etsy, which specializes in handmade and vintage goods, bought British second-hand fashion resale app Depop in June for $1.6 billion. The sale highlights a growing demand, and puts the US company in the crosshairs of Generation Z consumers, who are the leaders in sales of second-hand items.

33 million

It is the total number of consumers who bought second-hand clothes for the first time in 2020. The pandemic confirmed a change in the way people buy clothes and accessories alike: now, more than ever, they are open to buying second-hand items. The number of buyers who bought for the first time in the last year is a good proof of this.

65 percent

Consumers turn to second-hand fashion for many different reasons, be it personal style, budget or commitment to a more sustainable lifestyle. According to a joint report by US management consultancy Bain & Co. and Depop, 65 percent of users choose to buy second-hand items because of prices that are typically lower than those in retail stores.

75 percent

However, in the same report by Bain & Co. and Depop, 75 percent of users surveyed admit that the main reason they buy second-hand clothes is to reduce fashion consumption in general. It is important to note that 90 per cent of them were under the age of 25, highlighting a growing awareness in the younger age groups.

101.2 million

The number of clothing items that were sold by retailers in resale stores throughout the year 2020. Although it looks promising, the downside is that only 560,000 of all clothing items were actually second-hand.

x2

US online thrift store ThreadUp has produced a report in collaboration with market research firm GlobalData, highlighting the state of the resale market post-pandemic. It projects that it will double in the next five years, reaching a total of 77,000 million dollars. In fact, 188 million consumers have tried reselling for the first time in 2021, up from 36.2 million in 2020.

$84 billion

The same ThreadUp report notes that the fashion resale market is growing at a rate 11 times faster than traditional retail. Its value should be 84 billion dollars in 2030, while fast fashion is expected to be worth around 40 billion dollars. Therefore, in the next decade the second-hand market will grow much faster than that of traditional retail, since it is assumed that by 2030 it will double the size of fast fashion.

5 to 7 percent

Business of Fashion explained in one of its "Insights" reports that currently only between 5 and 7 percent of resellable fashion is sold and bought on resale platforms. This means that there is an estimated $2.1 trillion worth of fashion items sitting in closets and not being used.

60 percent

ThreadUp's report shows that 60 per cent of retailers surveyed have or are open to offering a range of second-hand items to their customers. While consumers seem increasingly attracted to second-hand items, retailers are also more interested in participating in positive change for the future.

82 percent

Finally, let's not forget another big positive impact: consumers reduce their carbon footprint by 82 percent when they buy used items instead of new.

This article has been previously published on FashionUnited.UK, and translated and edited into Spanish by Veerle Versteeg.

CircularitySecond-hand fashion