India is one of the fast-growing secondhand apparel markets and holds a significant share of 18.2 per cent of the entire South Asia secondhand apparel market.
Australia dominates the Oceania secondhand apparel market with a share of around 73.1 per cent and is anticipated to grow at a CAGR of 12.5 per cent during the forecast period.
The global secondhand apparel market is projected to grow from US $ 71,225.6 million in 2022 to US $ 282,748.6 million by the end of 2032, with overall secondhand apparel sales accelerating at a CAGR of over 14.8 per cent throughout the forecast period (2022-2032).
Rising popularity of secondhand clothes, due to their easy availability and low cost, changing lifestyles and fashion tastes, is penetrating rapidly in the online market.
While living conditions have improved and access to services has increased, global competition has resulted in the introduction of a variety of new product innovations, such as the recycling of discarded clothing and selling it.
E-commerce has altered the entire shopping experience, with more consumers worldwide preferring to buy things, select services and obtain commodities over the internet. Home delivery, subscription models and other advantages are fuelling this transformation.
Product reviews and other e-commerce features assist merchants in researching their audience’s behaviour, likes, dislike, and trends in order to develop products and services that match the requirements and convert them into potential purchasers.
The online distribution has, thus, fuelled the growth of the secondhand market. So, it wouldn’t be a surprise if secondhand apparel market touches – or even surpasses – US $ 282,748.6 million by the end of 2032.
