As per the latest report, sales of secondhand apparel in GCC are expected to total USD 2,912.6 million in 2024 and USD 6,114.95 million by 2034. Over the assessment period, secondhand apparel demand in the region is projected to rise at a 7.7% CAGR.
Demand for secondhand apparel in GCC is expected to surge rapidly during the forecast period. This is due to a number of factors, including the affordability of vintage used wear, acceptance of secondhand clothing, and growing popularity of secondhand clothes due to their easy availability and low cost.
The growing affluence of customers is focused on preferring designer clothing rather than spending high sums on buying designer apparel for occasional events such as parties and other functions. Besides, celebrities or fashion’s top influencers are renting such designer outfits for a day or two for annual events, making customers more attractive towards buying or renting such outfits.
Increasing penetration of social media is providing lucrative opportunities for secondhand apparel manufacturers. Social media platforms like Instagram and TikTok are playing a vital role in driving the secondhand apparel business in the GCC.
Social media channels help to connect influencers and fashion icons to people through their social feeds. Through the channels, people come to know of the latest trends and other aspects of fashion, thereby creating a conducive environment for the growth of the target business.
The GCC landscape is highly competitive, with a large number of companies offering a wide range of products. A few leading GCC secondhand apparel companies include Thredup Inc., The RealReal, Poshmark, and The Luxury Closet, among others.
Key Takeaways from the Study
- Demand for secondhand apparel in GCC is expected to rise at a 7% CAGR through 2034.
- By product type, the party, evening, and occasion wear segment is expected to register a significant CAGR of 5% during the forecast period.
- Based on consumer orientation, the women category is set to reflect a 9% CAGR during the anticipated period.
- Based on sales channels, the online marketplace category is expected to thrive at 6% CAGR.
- The secondhand apparel revenue in Bahrain is projected to increase at 9% CAGR through 2034.
- Qatar is poised to experience a CAGR of 3% during the forecast period.
Competition Landscape
Key secondhand apparel players in GCC include Thredup Inc., The RealReal, Poshmark, The Luxury Closet, My Ex Wardrobe, Second Hand Dubai, Dubizzle, Goodwill UAE, Haraj, Maroof, and Olx, among others. These companies are employing several strategies, including upgrading their portfolios, partnering with other companies, and utilizing online platforms.
Recent developments:
- In 2022, Second Hand Dubai launched a new partnership with the United Nations Development Programme (UNDP) to promote the sustainable fashion segment.
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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the GCC secondhand apparel business, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034. The study divulges compelling insights based on product type (party, evening & occasion wear, formal wear, denim, ethnic wear, kids wear, casual wear, loungewear), consumer orientation (men, women, kids), sales channel (thrift stores/resale stores, vintage clothing stores, online marketplaces, wholesale, consignment shops, modern trade), and key countries in GCC.
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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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