The value of secondhand fashion has surged by £13 billion in just two years, driven by a perfect storm of technological advancements, environmental awareness, and the spending power of Gen Z. According to research by Deloitte, the global second-hand market is expected to reach £45.8 billion by 2025, with online platforms such as Depop, Vinted, and The RealReal facilitating this growth.
Janelle Best, a vintage boutique owner, has witnessed this transformation firsthand. Having started her career rummaging through thrift bins in the 1990s, she recalls a time when secondhand shopping carried significant stigma. However, with the advent of social media, thrifting has become a mainstream phenomenon, attracting large numbers of young resellers who often rely on their smartphones to determine item value.
The growth of reused clothing is largely attributed to Generation Z's environmental awareness and entrepreneurial spirit. According to a recent report by Bain & Company, 50% of luxury shoppers now research an item's secondhand value before committing to a new purchase. This trend has resulted in high-end vintage items such as Cavalli becoming increasingly inaccessible to all but the wealthiest collectors, with prices skyrocketing due to commercialisation.
Technological advancements have played a significant role in driving this growth, making it easier for consumers to buy and sell pre-owned items online. The pandemic served as a catalyst, with increased screen time and a desire for 'retail therapy' leading to a 28% increase in second-hand transactions between 2021 and 2022.
While the environmental benefits of reused clothing are undeniable, long-time thrifters express dismay at the commercialisation of the market. Affluent individuals are now actively engaged in reselling, with client advisers for top fashion brands reportedly assisting high-spending customers in offloading their wardrobes on second-hand apps.