A massive force is reshaping the fashion industry: secondhand clothing. According to a new report, the U.S. secondhand clothing market is projected to more than triple in value in the next 10 years – from US$28 billion in 2019 to US$80 billion in 2029 – in a U.S. market currently worth $379 billion. In 2019, secondhand clothing expanded 21 times faster than conventional apparel retail did.
Even more transformative is secondhand clothing’s potential to dramatically alter the prominence of fast fashion – a business model characterized by cheap and disposable clothing that emerged in the early 2000s, epitomized by brands like H&M and Zara. Fast fashion grew exponentially over the next two decades, significantly altering the fashion landscape by producing more clothing, distributing it faster and encouraging consumers to buy in excess with low prices.
While fast fashion is expected to continue to grow 20% in the next 10 years, secondhand fashion is poised to grow 185%.