Second-hand Shopping Set To Pass Fast Fashion In 10 Years

Apr 04, 2018

As fast fashion gains more press for its pitfalls, thrifting has begun to be celebrated as a valuable resource. From widely discussed reports about H&M’s dipping profits to critical pieces on its impacts, many people—both inside and outside the fashion industry—are beginning to question the old constructs of fashion retail and how digital spaces are changing the tunes of throwaway consumption.

A recent report by US reseller ThredUP is estimating resale fashion—or second-hand shopping—will soon overtake fast fashion, with an expected market worth of $41 billion USD by 2022.

According to the site, in 2017 resale equated to six per cent of the fashion market alone, with fast fashion at only nine per cent. By 2027 however, it’s projected to sit at 11 percent for resale and 10 percent for fast fashion—that means fast fashion is on the decline, with thrifting on the rise.

The report also made note of some interesting facts about our shopping habits, finding millennials are both impulsive and environmentally-conscious. It concludes that while we like to discard items after between one and five wears, 77 per cent of us are also willing to make the switch to second-hand purchases for environmental reasons. Groovy.

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