The secondhand market has seen such tremendous growth in the last few years, that Quartz is now declaring that “people don’t care if their clothes are new anymore.” And it actually kind seems to be true.
As the site explains, “pre-owned goods are a booming business, and they’re on the cusp of even more explosive growth,” especially following the RealReal’s “blockbuster” $300 million IPO last week, StockX’s $1 billion (yes, with a B) valuation, and recent multi-million dollar investments in Depop and ThredUp.
According to the article, “the stigma previously associated with secondhand goods is less relevant,” and savvy shoppers are “more interested in buying things that already exist within the fashion ecosystem,” especially if it’s “something that could be a lasting investment, like a collectible sneaker or Hermès accessory.” That buying secondhand also has a lower environmental impact and, typically, is cheaper, doesn’t hurt either.
Though the story did seem to think that claims that the $24 billion secondhand market will “outpace fast fashion by 2028” are a little farfetched, “overall” the article says, “the idea of ‘ownership’… is not what it used to be.”
You can read more about it at Quartz.