Resale industry set to outpace new apparel in the next decade
Returning to a theme covered yesterday, sales in the resale industry are predicted to grow nearly three times that of the primary market in the next decade, according to Morningstar.
Why it matters: Interest in circular fashion, spurred in large part by consumers and investors, will drive consolidation in the space and spur, larger luxury players to hitch their wagon to the trend, Axios reports.
Context: The worldwide apparel resale market could reach $300 billion by 2031 and represent more than 10% of global retail sales, according to Morningstar data.
- The global resale market was about $120 billion in 2021, Morningstar estimates. That constitutes nearly 6% of a $2.1 trillion global apparel, footwear and personal luxury market, per Euromonitor.
The bottom line: Adoption will be largely driven by “attractive pricing, an auspicious demographic shift, unique inventory, and, to a lesser extent, sustainability concerns,” Morningstar says.