The future of fashion looks a lot like used clothes. Fueling the movement? Gen Z, of course.
The secondhand clothing market is a growing one. It’s currently worth $30 billion, according to a recent Jefferies note, and is estimated to grow annually by 18% through 2024. About a quarter of the secondhand market is resale clothing, which Jefferies estimates to grow by 39% annually in the same time frame to eventually comprise over half of the market.
Based on these estimations, Jefferies forecasts the secondhand clothing market will comprise a mid-teen percentage of the overall apparel market over the next decade, driven by online resale, and when that happens, every other demographic will just be catching up to Gen Z, who’s already there.