This week, we speak to our next gen audience to discover why secondhand is on the rise and predict the future of the resale market.
From Depop girlies to whoever is buying ‘90s Tom Ford on 1stDibs, secondhand clothing sales are booming. The rise and rise of user-friendly resale apps from eBay to Depop, Vinted to Vestaire where sellers and buyers seamlessly trade unworn, pre-worn, loved and collectible fashion, has contributed to a surge in global sales of pre-owned clothes. A report by GlobalData for resale specialist ThredUp found that global sales of pre-owned clothes surges by 18% in 2023 to £156bn, a figure which is predicted to rise to $350bn by 2028.
the stats of the matter
Secondhand fashion will be bigger than fast fashion by 2029
In the past three years, resale has grown 21 times faster than the retail apparel market. According to a report by ThredUP and GlobalData, the resale market will surpass fast fashion by 2029.
today is... an era of economic uncertainty
For a new generation coming of age in an era of economic uncertainty, at a time when we’re all watching our bank balance, buying secondhand has become an affordable alternative to wildly inflated high street pricing (surely we can’t be the only ones clocking coats selling for £1,000 on the high street?). For sellers, the markets provide a quick, easy income stream. As long as they watch out for the side hustle tax…
youth still say that sustainability is extremely important to them
Pre-loved is — indisputably — more sustainable than fast fashion, and we know that brand sustainability is the number one priority for youth. In fact, 65% of Gen Z and millennial shoppers between the ages of 12 and 43 have bought something secondhand in the past year. When we asked our audience this month what their top priorities are in a shopping experience, 50% replied "being sustainable and ethical practices.” We can't ignore a level of cognitive dissonance with this (seeing the success of fast fashion brands like Shein), but there are behavioural shifts at play.
the future is... the past
In 2001, cultural theorist Svetlana Boym described modern-day nostalgia as “a mourning for the impossibility of mythical return and the loss of an enchanted world with clear borders and values”. Today, Boym’s study of our cultural fascination with nostalgia remains as relevant today as it was 23 years ago, when her book The Future of Nostalgia was first published. We might have reached peak nostalgia, but the collective lust for all things ‘90s and ‘00s shows no signs of slowing down…
the future is... collecting
Against the grain of dizzyingly fast fashion, spiralling trend cycles and an ever-increasing desire for the new and next, we’ve been watching the rise of the collector as charted by stylist Alexandra Carl in her Rizzoli-published book, Collecting Fashion: Nostalgia, Passion, Obsession. The book delves into the enviable archives of fashion historians, designers and conservationists including Michèle Lamy, Alexander Fury, Michelle Elie and Zaha Hadid, who share a considered approach to collecting — because building an archive takes a lifetime.
the future is... community spirit
In an age of individualism, secondhand clothing sales are mobilising local communities and building a collective sense of belonging. Car boot sales have existed in the UK since the ‘80s, but lately, we’ve been seeing new sales popping up and attracting a new generation of car boot sellers who are using social media to drive momentum around this quintessentially British subculture.
the future is... peer to peer marketing
When we surveyed our audience this week, they told us, “I’m just trying to buy clothing that I like, not be bombarded by a bunch of marketing stuff.” In the ‘70s, it was reported that the average person saw between 500 to 1600 adverts every day. In 2024, that daily figure has rocketed. Today, you’ll see from 6,000 to 10,000 ads. So it’s no surprise that the new generation are feeling overwhelmed. The resale market — from apps to yard sales on Instagram Stories — harnesses the power of peer-to-peer sales, a insight we saw in our latest shopping survey, in which 52.1% of new generation respondents said they were most influenced by peer recommendations or reviews.
the future is... post trend
The trend cycle never stops. As one Gen Z survey respondent told us, “I follow trends closely but I rarely buy into them, for me trend has become a bit of a negative term since it often just means that the item will be outdated in a couple months or a year.” Secondhand fashion is part of the trend cycle, but because grailed secondhand finds are typically harder to get hold of than products sold by fast fashion brands — cult vintage finds might just be fashion’s biggest status symbol — the marketplace typically commands a slower pace. Will we finally see the rise of slow fashion? Watch this space.
weekly star
One To Watch
With just shy of 100k followers, London-based stylist and art director Mira Al-Momani purposefully seeks out emerging fashion brands with a focus on championing slow fashion practices and sustainable materials via Instagram and TikTok.
unpopular opinion
The resale marketplace is bigger than ever before — and more sales equal more shipping. There is no ethical consumption under capitalism, even when the product is secondhand.
love it!
£1 Entry is a photo essay shot by London-based photographer Arthur J. Comely which captures London’s burgeoning car boot culture. Comely spent a year photographing the faces who frequent car boot fairs in the city. From South to North London, the project documents the different stories of those who come week after week to search for treasures, celebrating the joy and excitement of the great British boot fair.
Words by Izzy Farmiloe.
Published 13 September 2024.
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