Companies operating in the Europe Second-hand Apparel Market are actively pursuing strategic collaborations and employing diverse marketing strategies to expand their operations and attract a large customer base.
In 2019, Farfetch joined forces with Thrift+, a platform specializing in secondhand clothing, to offer customers the opportunity to donate unwanted items to charities in exchange for store credit. Thrift+ operates as an online store, selling pre-owned clothing and allocating a portion of the proceeds to one of the 160,000 registered charities in the United Kingdom. As part of Farfetch's technology accelerator program, Dream Assembly, Thrift+ participates in fostering innovation and growth.
Yaga, a socially conscious startup hailing from Estonia, launched in 2019 and recently secured €2.2 million in funding for its online shopping platform with a purpose. This Estonian-born company is dedicated to introducing a digital approach to second-hand apparel in emerging economies, thereby spearheading an international movement towards a more circular fashion revolution.
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It is expected to be worth US$ 18,100 Million in 2022 and US$ 40,676 Million by 2032, growing at 8.4% CAGR from 2022 to 2032. Vintage and second-hand clothing play an important part in talks about fashion sustainability. This is due in part to their relatability: everyone has their own amazing thrift shop finds and old items they’ve adored for years. However, the cultural meaning of these products might be complicated.
Although Russia and Eastern Europe are well-known for their second-hand stores and markets, buying second-hand garments was considered a sign of poverty in the Soviet Union. For the newer generations, things are shifting. The second-hand market is in high demand, with preowned apparel accounting for 25% of the normal second-hand customer’s wardrobe.
The fear of a recession may cause a reversal in the profitability trend, just as the cost-of-living problem may encourage individuals to transform their clothes into an additional source of revenue. In addition, significant progress has been made in privacy and product-authentication standards, making it simpler and safer for individuals to market their items online.
Second-hand fashion also caters to the demand for exclusivity among customers. It has numerous celebrity admirers, including Zendaya, who has frequently appeared on the red carpet wearing vintage clothing. Lorde and Rihanna, both singers, are admirers of the second-hand trend. All of these variables will continue to influence the industry during the forecast period.
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Key Takeaways from the Europe Second-hand Apparel Market Study
- Spain second-hand apparel market is expected to be worth US$ 1,900 Mn in 2022, growing at 6% CAGR from 2022 to 2032.
- Sales of second hand apparels in Russia are expected to surge at 9.1% CAGR from 2022 to 2032.
- In terms of product type, the sweater and coats & jackets segments will witness highest growth over the forecast period.
- By sales channel, online retailers are expected to generate maximum revenue across Europe for second hand apparels.
“Businesses that enters the resale market may assist to ease consumers’ concern about counterfeiting. However, in order to thrive in this new retail environment, brands and retailers will need to develop and adopt creative business strategies that represent the changing nature and evolving customer habits.” Says an FMI Analyst.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Europe & Spain second-hand apparel market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Europe second-hand apparel market by product type (dresses & tops, shirts & t-shirts, sweater, coats & jackets, jeans & pants, and others), by sector (resale, traditional thrift stores & donations), by target population (men, women, kids), by sales channel (wholesalers/distributors, hypermarkets/supermarket, multi-brand store, independent small stores, departmental stores, online retailers, other sales channel) & Country (Spain, Germany, U.K., France, Italy, Russia, Ukraine, Netherlands, Poland, Hungary & Rest of Europe).
