The Sudden Shift to Pre-Owned Goods

Why did people switch to thrift and secondhand items?


02 October, 2023

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By the end of 2023, the worldwide secondhand luxury market is predicted to produce $31.1 billion in revenue. The global reselling luxury market is expected to reach $51 billion by 2028, with an 8.6% CAGR.

Around 60% of luxury buyers begin their shopping journey from the secondhand channel. Two out of five pieces are pre-owned items in the closets of Gen-Z whereas over three out of five Gen-Z and Millennials agree that they search for thrift items prior to purchasing new ones.

Apart from other items such as electronics and household appliances, clothing is the first option for consumers to buy second-hand, followed by shoes, accessories, and leather goods. The secondhand apparel market (185%) is estimated to overtake the performance of the fast-fashion market (20%) from 2019 to 2029.