The United Kingdom boasts a mature second-hand apparel industry, with a projected CAGR of 3.7% through 2034. The United Kingdom has a well-entrenched second-hand clothing share culture, featuring established charity shops, vintage stores, and successful online platforms. Thrifting is a popular pastime in the United Kingdom, driven by a love for unique finds and the thrill of shopping.
NEWARK, DE / ACCESSWIRE / August 12, 2024 / The Europe’s second-hand apparel industry is likely to be worth USD 17,329.90 million in 2024. The second-hand apparel sales are projected to take flight at a CAGR of 7.70%, surpassing USD 36,368.10 million by 2034. The rise of online resale platforms has made it easier than ever for consumers to buy and sell pre-owned clothing, including vintage sportswear and streetwear, further driving the growth of the industry. Moreover, the allure of finding unique and one-of-a-kind pieces at affordable prices attracts consumers looking to express their individuality through their fashion choices.
Despite its growth, Europe’s second-hand apparel industry faces several challenges, including the stigma associated with wearing “used” clothing. Some consumers may still perceive second-hand clothing as inferior or unhygienic, hindering widespread adoption. Moreover, concerns about the quality and condition of pre-owned garments can deter potential buyers from making purchases. Additionally, logistical challenges such as inventory management and shipping can pose obstacles for smaller resale businesses, limiting their ability to compete with larger retailers.
Luxury resale platforms offer consumers access to coveted designer items at a fraction of the retail price, tapping into a niche market of fashion-conscious consumers seeking both quality and affordability. Furthermore, collaborations between traditional fashion brands and resale platforms can further expand the reach and appeal of second-hand clothing, driving sales and brand recognition.
Customization and upcycling have gained popularity as consumers seek to personalize their clothing and reduce waste. Many resale businesses now offer DIY workshops and customization services, catering to consumers’ desire for unique and sustainable fashion options. Lastly, influencer marketing and social media endorsements play a significant role in shaping consumer perceptions and driving demand for second-hand clothing, particularly among younger demographics.
Key Takeaways from the Market Study
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Italy’s second-hand apparel industry is projected to rise at a CAGR of 7.4% from 2024 to 2034.
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Germany’s second-hand apparel industry is projected to rise at a CAGR of 5.4% by 2034.
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France’s second-hand apparel industry is expected to expand at a CAGR of 6.6% through 2034.
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Spain’s second-hand apparel market is poised for explosive growth, with a projected CAGR of 8.1%.
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The party, evening & occasion wear segment is anticipated to lead the industry in 2024 with a market share of 21.30%.
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Women segment has captured the dominant segment of the industry in 2024 with a market share of 55.10%.
“The second-hand apparel industry in Europe presents numerous opportunities for growth and innovation. One such opportunity lies in the luxury resale market, where high-end designer goods hold significant value.” says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape
In Europe’s second-hand apparel industry, several key players vie for dominance, each employing unique strategies to capture consumer interest and loyalty. Established online platforms such as Depop, Vestiaire Collective, and Vinted continue to expand their reach and offerings, leveraging user-friendly interfaces and innovative features to attract a diverse clientele. These platforms often differentiate themselves through curated collections, seller incentives, and authentication services, fostering trust and credibility among consumers seeking quality pre-owned clothing.
Traditional fashion retailers are increasingly entering the second-hand market, recognizing the potential for growth and sustainability. Collaborations between luxury brands and resale platforms, such as The RealReal’s partnerships with Stella McCartney and Gucci, demonstrate a strategic alignment between high-end fashion and the circular economy. This convergence of established brands with the second-hand market not only expands consumer choices but also elevates the perception of pre-owned clothing as a desirable and aspirational choice.
Local thrift stores, vintage boutiques, and community swap events contribute to the diversity of options available to consumers, offering a personalized and authentic shopping experience. As competition intensifies, players in Europe’s second-hand apparel industry must continue to innovate, adapt to evolving consumer trends, and prioritize sustainability to maintain their competitive edge in the European market.
Key Players Offering Second-hand Apparel Services in Europe include
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Vinted
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eBay
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Vestaire Collective
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StockX
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Depop
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Artpal
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Etsy
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Rubylane
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Amazon
Recent Developments:
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In January 2021, Poshmark purchased Premium Garage Sale, a consignment shop.
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H&M launched a new second-hand clothing offering in Sweden in February 2022, which comprises products from both H&M Group brands and third-party labels.
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In August 2020, RealReal partnered with Neiman Marcus to launch a second-hand clothing category.
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Key Segments
By Product Type:
By Sector:
By Consumer Orientation:
By Sales Channel:
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Wholesalers/Distributors
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Hypermarkets/Supermarket
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Multi-brand Store
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Independent Small Stores
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Departmental Stores
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Online Retailers
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Other Sales Channel
By Country:
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Spain
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Germany
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United Kingdom
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France
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Italy
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Russia
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Ukraine
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Netherlands
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Poland
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Hungary
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Rest of Europe
Get Preview of Report: https://www.futuremarketinsights.com/reports/europe-second-hand-apparel-market
About the Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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