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In 2029 the second hand will surpass fast fashion


In 2029 the second hand will surpass fast fashion

Digital marketing departments will face the challenge of adapting to new consumer habits The so-called fashio n recommerce have emerged victorious from the pandemic in the midst of an economic recession. Consumers, searching for bargains from home and cleaning their wardrobe during the quarantine, have grown the sector of second-hand fashion online by 69% between 2019 and 2021 as opposed to the retail sector which has fallen by 15%. In Lyst’s annual fashion report, a comprehensive data analysis of popular brands, buy phone number database malaysia and trends from the past 12 months, they found that “vintage fashion” generated more than 35,000 new searches on Lyst, while word entries second-hand fashion-related key rose 104%. The annual collaboration report between GlobalData Consumer Survey and ThredUp predicts that the second-hand market, which is currently valued at € 21.2 billion, will grow to € 51 billion in five years and is expected to be worth € 64 billion by 2028, a figure 1.5 times higher than the expected value of the fast fashion market , of 44,000 million.


The motives? According to the same report, the main reason why consumers buy second-hand clothes is sustainability. The consumer feels proud to buy and sell second hand in contrast to the feeling of guilt they experience when acquiring fast fashion . Other reasons are to get extra money, to make space in the closet or the exclusivity of the pieces. This growth from 2019 to 2020 has been in recommerce businesses : transactions are fundamentally peer-to-peer in which the same consumer is both seller and buyer of the objects and who decides if the resale value is sufficient to compensate for the effort to photograph, describe, pack and ship the package. However, all this has not gone unnoticed by the big players in the retail sector . Far from it, brands such as Zalando, COS (H&M group), ASOS, Levi’s or Patagonia, among others, have seen the need to ride the wave and have already launched their own digital market place for used clothing. Digital Betting Email List departments have seen in this trend a way to create another type of link between the brand and potential customers, not only because they improve the brand image, but also make the consumer perceive the garments as longer-lasting. Luxury brands benefiting from a strong second-hand sales market
There are many ways that luxury brands benefit from a dynamic second-hand market. The most notable is in attracting new customers, considering that many consumers discover these exclusive brands through resale . In fact, among the respondents to the Boston Consulting Group report , 48% of customers who in the past year bought a brand that was new to them through second-hand channels would consider buying the same brand again. Likewise, the case of brands such as Chanel or Hermès, for some time, the purchase of their items has been classified as an investment, since they revalue after a few years. Beyond stereotypes of superficiality, they are a safe and reliable asset. In fact, the idea of ​​luxury fashion as a consumer good is being displaced, since it is no longer only for our individual use but for later resale or rental, getting closer to a “service” from which an economic return can be extracted.

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