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Vestiaire Collective x BCG: The Consumer Behind Fashion's Growing Secondhand Market

PARIS, Oct. 20, 2020 /PRNewswire/ -- Vestiaire Collective, the leading global community platform for desirable preowned fashion, and Boston Consulting GroupA have partnered for the second year running to release a new survey, The Consumers Behind Fashion's Growing Secondhand Market, exploring the evolving dynamics of the global resale market. The surveya??of 7,000 individuals from six countriesa??reveals the diverse customer attitudes and behaviors of its respondents, the growing importance of sustainabilitya??among other driversa??in driving the resale boom, and some of the ways luxury brands can benefit from the growing resale market.
Vestiaire Collective x BCG: The Consumer Behind Fashion's Growing Secondhand Market
The resale market is currently estimated to be worth $30 to $40 billion, with the market predicted to grow by a CAGR of 15% to 20% globally over the next 5 years, and even higher in developed markets, which could see a 100% YoY growth. The expansion is being driven by an increase in the number of customers starting to buy secondhand and by the number of secondhand pieces consumers are purchasing. Combined, these developments are leading to a share of secondhand clothing in people's closets that is predicted to grow from 21% in 2020 to 27% in 2023.A  Accelerated Consumer TrendsAlthough affordability, selection availability, and item uniqueness have contributed to the growing popularity of the secondhand market, the survey reveals that consumers' mounting environmental concerns are also contributing to the secondhand market's growth. This shift has been further accelerated by the pandemic, with 70% of respondents in 2020 saying they feel compelled to shop for preowned goods in an effort to become more sustainable, compared with 62% in 2018.A 
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