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Insight of the Day: Second-hand clothing big business in US and UK, Global Fashion report finds

The RetailX Global Fashion 2024 report reveals that second-hand clothing has become a big business in the US and the UK, driven by consumer interest in sustainable fashion. Here are the key takeaways from the article:

1. Boom in Second-Hand Sales:

- There is a growing interest in sustainable fashion, leading to a boom in second-hand fashion sales.

- Second-hand clothing has become the largest single sector, with 28.2% of the world's shoppers purchasing it.

- In the US, 42% of shoppers have purchased second-hand clothing in the past year, while in the UK, the figure is 37.5%.

- The US second-hand market is valued at $43.9 billion in 2024.

2. Global Trends:

- The second-hand fashion market is growing worldwide, with China and India showing particular potential for growth as they become more familiar with pre-loved accessories.

- As these markets mature, the availability of good second-hand fashion will increase, potentially creating a significant global second-hand fashion market.

3. MENA Region Growth:

- The Middle East and North Africa (MENA) region is experiencing a surge in popularity for second-hand fashion, driven by environmental consciousness and economic factors.

- Traditional stigmas around buying used clothing are fading, particularly among Millennials.

- Pre-owned luxury goods are also in high demand in the region, with platforms like The Luxury Closet catering to this segment.

- Online marketplaces such as Bazaara facilitate the buying and selling of second-hand fashion in the region, and there is significant potential for growth, especially in non-luxury items and categories like children's wear.

The article suggests that the growth of second-hand fashion is set to continue globally, driven by consumer awareness of the financial, social, and environmental benefits of buying used clothing. Additionally, cross-border business opportunities may emerge as the demand for second-hand fashion items increases across different regions.

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