The second-hand fashion trend has been significantly accelerated by the pandemic, causing businesses and consumers to re-consider the long-term impact of their purchasing decisions. The second-hand fashion industry includes both thrift/charity stores and online resale platforms such as The RealReal and Vestiare Collective, which allow consumers to buy and sell designer second-hand items.
The US ThredUp and the UK DePop are leading the charge in the online second-hand fashion economy. In Australia there are smaller online thrift stores, such as The Closet, amongst others. There is also a strong retail footprint of charity-based ‘op-shops’, with some 2500 around Australia. Many of these businesses accelerated during the past 2 years with people in lockdowns cleaning out their closets and decluttering.
The huge growth experienced by the second-hand fashion economy can’t be denied. In fact, the US second-hand clothing market is predicted to more than triple in value over the next decade, to US $80 billion in 2029. In Australia, the resale market is set to overtake the fast fashion industry by 2024.
In Australia, a comprehensive report by Reluv Clothing on the second hand fashion market cites the major reasons that consumers are shifting to purchase second-hand goods, as ‘affordability, item selection, item availability’ but also ‘mounting environmental concerns.’ In fact, many manufacturers have been hit hard by the impacts that COVID has had on their ability to manufacture offshore, pushing them to re-think their supply chains. The global fashion industry is the second-most polluting industry in the world, producing more Carbon Dioxide than both the Global Aviation and Shipping industries combined.
However, many are questioning whether the second-hand fashion trend is actually resolving our issues with mass consumption - is it just a redirection of the problem and we need to consider our overall approach to consumption? To buy less and buy better some argue, should be the focus, not grabbing a bargain.
If you’d like to hear more about our insights into what’s happening with the Australian Fashion industry, call Janine, Amy & Natalie on 03 9654 5988.