The apparel resale market has shown rapid expansion, growing from $163.13 billion in 2023 to $181.40 billion in 2024, with a compound annual growth rate (CAGR) of 11.2%. This growth is fueled by the rise of digital resale platforms, increasing disposable incomes, the demand for affordable luxury brands, the popularity of eco-friendly fashion, and improvements in online payment security. The market is expected to reach $281.70 billion by 2028, growing at a CAGR of 11.6%. This future growth is attributed to the rising use of digital wardrobes and closets, increasing urbanization, demand for unique and vintage clothing items, a growing middle-class population, and expanding cross-border trade. Key trends include technological advancements, the integration of augmented reality (AR), blockchain technology, mobile payment solutions, and eco-friendly packaging.
Major Driver In The Apparel Resale Market
The apparel resale market is expected to grow due to the rise of e-commerce platforms. These platforms enable online buying and selling, providing global reach and making it easier for resale items to find buyers. The growth of e-commerce is driven by the increasing adoption of online shopping, advancements in digital technology, and expanded Internet access. According to the United States Census Bureau, U.S. retail e-commerce sales reached $289.2 billion in the first quarter of 2024, marking a 2.1% increase from the previous quarter. The apparel resale market is anticipated to see robust growth through 2024 and beyond.
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Apparel Resale Market Competitive Landscape
Walmart Inc., Alibaba Group, H&M Hennes & Mauritz Retail Pvt Ltd., eBay Inc., Flipkart Internet Pvt Ltd., SHEIN, ZARA, Mercari, The RealReal, Poshmark, Thredup Inc., Meesho, StockX LLC, Vinted Inc., Remix Global AD, Buffalo Exchange, A&E Clothing, Sellpy, Ajio, Shelter, Vogue, Chikatex, Micolet, Aristobrat, Thrift+, YnFx
Key Apparel Resale Market Trend
The apparel resale market is advancing with new resale platforms that enhance user experience and market growth. These platforms facilitate the buying and selling of pre-owned goods. In October 2022, Shein launched a peer-to-peer resale platform in the United States, featuring advanced search filters and AI-driven pricing tools. The platform ensures item quality with a robust authentication system and personalized recommendations. The apparel resale market, valued at $2.11 billion in 2023, is set to grow to $2.26 billion in 2024 and is projected to reach $2.97 billion by 2028.
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Apparel Resale Market Segmentation
The apparel resale market covered in this report is segmented –
1) By Type: Dresses And Tops, Shirts And T Shirts, Sweaters, Coats And Jackets, Jeans And Pants, Other Types
2) By Sector: Resale, Traditional Thrift Stores And Donations
3) By Consumer Group: Men, Women, Children
4) By Sales Channel: Wholesalers Or Distributors, Hypermarkets Or Supermarkets, Multi Brand Stores, Independent Small Stores, Departmental Stores, Online Retailers, Other Sales Channels
By Geography:The regions covered in the apparel resale market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the apparel resale market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Apparel Resale Global Market Report 2024 furnishes information about the global apparel resale market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
