Buying Second-Hand Is Gaining Popularity

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by Tyler Durden
Saturday, Aug 19, 2023 - 01:55 PM

Second-hand shopping is gaining traction in several countries around the world.

Statista's Anna Fleck reports that data from the Statista Consumer Insights survey reveals that in the United States, now as many as 60 percent of respondents say they have made at least one second-hand purchase in the past year, up from 49 percent in 2019.

A similar trend can be seen in the other countries polled in the survey, with France seeing the biggest leap (+17 p.p.).

Infographic: Buying Second-Hand Is Gaining Popularity | Statista

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According to Statista’s Second-hand apparel dossier, the value of the worldwide second-hand apparel market is forecast to hit $84 billion by 2030, which would mark a jump of $56 billion in just a decade.

Statista analysts say that at this rate, fast fashion may soon be outpaced by the second-hand fashion market.

Is this yet another sign of the growth of the 'working poor' in western nations as wage growth is outpaced by policy-induced inflation of everything else.