The Global Secondhand Market is Thriving; Here Is Why.
It is probably not a surprise that the global secondhand market is thriving. For some reasons, more people are beginning to see the need for the secondhand market. When we look at the case of fashion, for example, apart from the fact that clothing is a basic need of man, fashion is a huge market because of people’s need to look and feel good. Buying secondhand clothing has, therefore, always been a thing for people who could not afford the more expensive fashionable pieces. But now, the used clothing market is becoming increasingly popular. According to research conducted by GlobalData in 2019, the fashion resale is growing 21 times faster than the retail market over the past three years. And this is just for clothing; imagine the market for used furniture, electronics and other gadgets. There is a need to understand why the global secondhand market is exploding, what could be influencing this trend?
More Affordable Prices
The most obvious reason is the price. There are so many things we need to live wholly and some of these things are, unfortunately, more expensive than the average person can afford or they could consume the funds for other needs. But when these things are needed, it poses a dilemma, which the secondhand market has been able to solve for many. In many cases, you can get a durable and quality used item for more than half the price of a new one, so it is not surprising that many people are beginning to see why buying secondhand is the way to go. Additionally, due to the devastating effect of the COVID-19 on the economy, many more people became thriftier and resorted to shopping secondhand.
Many people go for used items because of how fashionable and trendy vintage style is. You can get different categories of vintage items but the most popular is probably clothing. There are so many reasons why this is so but one of the reasons is because vintage fashion pieces are largely accepted in the fashion world. Not only are they usually unique pieces, but you also can never go wrong with vintage if you know how to combine the pieces. On the other hand, there is something to be said for designing your home with vintage or antique pieces; they always give the home a unique and warm look. So, while there is a group of people that go for used items due to price, there are others that go for secondhand pieces because of their aesthetic value.
Perhaps, the major reason why the global secondhand market is exploding is due to the environment. Environmental issues are a recurring discourse in many gatherings today and more people are beginning to understand the need to embrace a more environmentally-friendly lifestyle. For this reason, people are leaning towards used items to reduce activities that affect the environment. According to a report by ThredUp, “nearly 2.5X more consumers plan to shift their spend to sustainable brands” because “70% of all consumers agree that addressing climate change is more important now more than ever.”
Ironically, certain new items are not as quality as used pieces, so some people opt for used items because of this. Of course, there are many quality new items out there but for the average person, the new items they can afford might not be as durable as used items.
In conclusion, ThredUp projects that “resale is expected to grow 5X over the next 5 years.” What do you think of this projection? Do you think the reasons listed above are enough to bring about this projection?