One of the changes in the retail sector is related to second-hand items. Indeed, we are
witnessing a growth in rental clothing. This might be the next big thing.
Last year, the traditional retail market in the UK and
across the globe collapsed. In contrast, the second-hand industry hit the
positive curve and now, according to predictions, it is expected to reach $64
billion in the next five years. This was revealed by data from the online
thrift store thredUP. The firm also
advanced that it is going to overtake fast fashion.
Other numbers that prove this fact are from By Rotation,
a peer-to-peer fashion rental company. This firm saw the number of people using
its app increase by 425 percent since March 2020. When shopping on the high
street was still a thing, Gen-Z used to shop for low-cost fashion in brick and
mortar stores. Now, they are making these purchases online. For instance, 80%
of Depop’s active users in the UK are 26 and younger and most of Vinted’s users
are between 18 and 35.
The growth of circular platforms is a result of the unique
nature of the merchandise but a change in reaction to fast-fashion. Moreover, second-hand
fashion is also growing because users are trying to make money by
selling their own pre-loved items.
Photo credit: Pexels from Instagram
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