Acting in their own lives gives people agency over global challenges — which can ease so-called "eco anxiety" and make people feel better. A 2019 study by Young Consumers, for example, indicates that people who buy less stuff for the sake of sustainability are happier in the long run.
Globally, the secondhand apparel market is set to nearly double by 2027, reaching $350 billion — including $70 billion in the U.S. alone.
In the U.S. in particular, resale markets grew five times faster than the broader retail clothing sector in 2022, and global secondhand sales are expected to grow three times faster than the global apparel market overall.
Brands are looking to benefit from rising consumer interest in secondhand shopping, with a record 88 brands launching resale programs in 2022. One in every three apparel items purchased in the U.S. last year was secondhand, according to the resale platform ThredUp, which has been tracking apparel resale markets for over a decade.
As U.S. consumers continue to gravitate toward more sustainable products, over half shopped secondhand apparel in 2022, ThredUp found in its annual Resale Report.
Source: Triple Pundit