Second Hand Fashion Market 2024
It’s time to consider second-hand retail. - Pearson Ham Group
Second-hand retail is a growing market. Second-hand retail can help you grow your business and make it more sustainable. Here's how...
Retailers are more motivated than ever to adopt sustainable business practices, thanks to the changing government policies and consumer attitudes. The growing market for second hand products is a great way to help create a circular economy.
Retail Detail reports that the growth of second-hand markets is 20 times faster than in the entire retail market within the European Union. The second-hand market in the fashion industry is expected to double from 20 billion Euros to 37 billion euros by 2025.
The second-hand market has traditionally been dominated by pure-play players, such as fashion brands (Vinted), luxury goods (Vestiaire Collective), technology (Back Market) and generalist platforms like Leboncoin. However, now traditional retailers are entering the market, including well-known names such as Ikea, COS and Decathlon.
It is hard to deny the appeal of joining a market that is growing so quickly. Traditional retailers are faced with a unique challenge in pricing: how can you offer brand-new products and pre-owned items seamlessly, while still generating synergy and value for the consumer and reducing offer competition?
Unlocking synergy between classic and second hand retail.
One of the benefits of using second-hand products as a retailer is that you can fill in product gaps in your inventory, and also address fluctuations in demand and supply. These solutions are timely and allow you to keep a wide range of products that meet the needs of your customers.
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