In pursuit of growth and a wider customer base, companies in Europe’s Second-Hand Apparel Market are actively seeking strategic collaborations and implementing diverse marketing strategies.
One notable example of such collaboration is seen in the partnership between Farfetch and Thrift+, which was established in 2019. Through this collaboration, shoppers are offered the opportunity to donate unwanted clothing to charities in exchange for store credit. Thrift+ operates as an online platform for selling used clothing and contributes a portion of the proceeds to various registered charities in the United Kingdom. As part of Farfetch’s technology accelerator program, Dream Assembly, this partnership allows for innovative solutions and promotes a more socially conscious approach to second-hand shopping.
Additionally, Yaga, a socially impactful start-up from Estonia, entered the scene in 2019 and has recently secured €2.2 million in funding for its social online shopping website. With a mission to introduce the digital approach to second-hand apparel in emerging economies, Yaga aims to transform the cyclical revolution of second-hand fashion into an international movement.
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These examples demonstrate how companies in Europe’s second-hand apparel market are actively seeking ways to expand their presence and impact by fostering partnerships, leveraging technology, and embracing innovative approaches to cater to a more conscious and global customer base. Through these strategic initiatives, they contribute to the growth of sustainable and socially responsible practices within the fashion industry.
The Europe second-hand apparel market is expected to be worth US$ 18,100 Million in 2022 and US$ 40,676 Million by 2032, growing at 8.4% CAGR from 2022 to 2032. Vintage and second-hand clothing play an important part in talks about fashion sustainability. This is due in part to their relatability: everyone has their own amazing thrift shop finds and old items they’ve adored for years. However, the cultural meaning of these products might be complicated.
Although Russia and Eastern Europe are well-known for their second-hand stores and markets, buying second-hand garments was considered a sign of poverty in the Soviet Union. For the newer generations, things are shifting. The second-hand market is in high demand, with preowned apparel accounting for 25% of the normal second-hand customer’s wardrobe.
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The fear of a recession may cause a reversal in the profitability trend, just as the cost-of-living problem may encourage individuals to transform their clothes into an additional source of revenue. In addition, significant progress has been made in privacy and product-authentication standards, making it simpler and safer for individuals to market their items online.
Second-hand fashion also caters to the demand for exclusivity among customers. It has numerous celebrity admirers, including Zendaya, who has frequently appeared on the red carpet wearing vintage clothing. Lorde and Rihanna, both singers, are admirers of the second-hand trend. All of these variables will continue to influence the industry during the forecast period.
Key Takeaways from the Europe Second-hand Apparel Market Study
- Spain second-hand apparel market is expected to be worth US$ 1,900 Mn in 2022, growing at 6% CAGR from 2022 to 2032.
- Sales of second hand apparels in Russia are expected to surge at 9.1% CAGR from 2022 to 2032.
- In terms of product type, the sweater and coats & jackets segments will witness highest growth over the forecast period.
- By sales channel, online retailers are expected to generate maximum revenue across Europe for second hand apparels.
“Businesses that enters the resale market may assist to ease consumers’ concern about counterfeiting. However, in order to thrive in this new retail environment, brands and retailers will need to develop and adopt creative business strategies that represent the changing nature and evolving customer habits.” Says an FMI Analyst.
Who is winning?
Leading players operating in the Europe & Spain Second-hand Apparel market are Vinted, Ebay, Vestaire Collective, StockX, Depop, Artpal, Etsy, Rubylane, Amazon, Spoonflower, Farfetch, Yaga, F&P Stock Solutions and Garson & Shaw among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Europe & Spain second-hand apparel market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Europe second-hand apparel market by product type (dresses & tops, shirts & t-shirts, sweater, coats & jackets, jeans & pants, and others), by sector (resale, traditional thrift stores & donations), by target population (men, women, kids), by sales channel (wholesalers/distributors, hypermarkets/supermarket, multi-brand store, independent small stores, departmental stores, online retailers, other sales channel) & Country (Spain, Germany, U.K., France, Italy, Russia, Ukraine, Netherlands, Poland, Hungary & Rest of Europe).
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