Second-hand fashion outpaces traditional retail in 2024: Survey

Spending on apparel, accessories, and footwear resale surpassed traditional retail spending throughout 2024, as per a recent survey. The clothing resale market is expanding at a faster rate than the overall clothing, accessory, and footwear market.

The year-over-year spending growth in the resale of apparel and footwear surged significantly—from a summer low of -3 per cent to a peak of 5 per cent in October, as per the data insight survey by Consumer Edge. Analysts highlight that this resale growth has outpaced the broader fashion industry, indicating a long-term shift in consumer preferences.

The resale market for apparel, accessories, and footwear grew faster than traditional retail in 2024, with spending surging from -3 per cent in summer to 5 per cent in October.
Pure-play platforms like Depop and ThredUp thrived, while brands like Clothes Mentor and Goodwill expanded.
Shoppers aged 25–44 and middle-income groups drove growth, seeking budget-friendly options.

Resale companies that focus exclusively on secondhand sales, known as pure-play platforms, have been gradually growing their share of the overall apparel, accessories and footwear industry as many consumers look for alternatives to traditional retail.

Peer-to-peer online marketplaces like Grailed and Depop led retail resale growth, with Grailed fostering a social shopping experience where users can connect and explore similar styles. Other platforms, including Vinted, Vestiaire Collective, and ThredUp, also performed strongly.

Omni-channel brands, such as Clothes Mentor, which offers a curated selection of women’s upscale clothing and accessories at budget-friendly prices, experienced modest growth. Goodwill’s investment in its e-commerce platform in late 2022 enabled the non-profit to meet growing demand for sustainable and affordable goods.

On, a trending athletic footwear and apparel company, has launched its own resale site along many other players like On and Banana Republic where one can buy previously owned pieces at discount. Many other stores have begun incorporating their own resale to compete with these growing trends. Thus far, these moves don’t appear to have dented momentum for resale pure plays, but as more retailers enter this market, the resale category may find more and more consumers, added the survey.

Shoppers aged 25 to 44 experienced the largest increase in spending share, growing their contribution to the resale sub-industry by over 6 per cent in the first 10 months of 2024 compared to the same period in 2023. Data from Consumer Edge suggests that Depop and ThredUp are particularly popular with this demographic, positioning them to benefit further in 2025 if this consumer behaviour trend persists, the survey revealed.

The survey shows that middle income cohorts ($40K-$100K) increased their spend share in the resale category the most in 2024, perhaps unsurprising as this group might be most likely to trade down from non-discount retailers as they feel the penny pinch this year.

“Resale has established itself as a critical growth driver in the apparel, accessories and footwear industry,” said Michael Gunther, vice president and head of Insights at Consumer Edge. “In a challenging economic climate, brands that recognize changing consumer sentiment and align with demand for affordability and sustainability are well-positioned to thrive in this dynamic market.”

Fibre2Fashion News Desk (SG)