Description
Countries Covered: USA
Pages: 85
Publication Date: 21/06/2023
Questions Covered in the Report:
- What is the projected value of the resale apparel market in the U.S. by 2027?
- What is the expected growth rate of the resale apparel market in the U.S. starting from 2024?
- What is the projected value of the digital fashion resale marketplace in the U.S. by 2025?
- What are the top reasons for luxury shoppers to purchase pre-owned luxury items?
- Why do Gen Z consumers express an inclination towards secondhand purchases?
Key Findings:
The digital fashion resale marketplace in the U.S. witnesses remarkable growth, projected to reach EUR 23 billion by 2025: new yStats.com report.
Resale apparel market in the U.S. is flourishing
The resale apparel market in the United States has experienced a substantial surge, with its size increasing from EUR 16 billion in 2022 to an estimated EUR 20 billion in 2023. Experts predict that this growth trajectory will continue, reaching a forecasted value of around EUR 40 billion by 2027. However, the annual growth rate is expected to decline starting from 2024, as stated in the latest yStats.com report. In line with the market’s upward trajectory, the digital fashion resale marketplace in the U.S. is also set to witness impressive growth, with sales projected to reach a value of EUR 23 billion by 2025. This staggering figure underscores the increasing preference for online platforms as consumers embrace the convenience and accessibility of shopping for pre-owned apparel.
Luxury consumer landscape is changing, with a significant proportion of men and women in the U.S. purchasing pre-owned luxury items monthly
Consumer behavior and preferences within the luxury segment in the U.S. are shifting. Among luxury shoppers, a survey cited in the yStats.com recommerce report indicated that over 55% of men and 35% of women bought pre-owned luxury items at least once a month, as of August 2021. The allure of affordability and the desire for rarer, vintage, or classic pieces were identified as the top reasons for purchasing pre-owned luxury in 2021, with 45% of respondents citing more affordable/competitive pricing as the primary motivation. Additionally, around 30% of Gen Z consumers in the U.S. expressed their inclination towards secondhand purchases to access higher-end brands.
Moreover, authenticity emerged as a key concern for luxury shoppers in the country, with more than 90% of respondents highlighting it as their primary consideration when purchasing secondhand luxury items. Luxury shoppers also placed significant importance on features such as physical authentication, the use of secured delivery, and the presence of cards or tags on items to explain authenticity. These findings emphasize the need for robust authentication measures to instill confidence in consumers and ensure a seamless luxury shopping experience. In April 2022, 8 in 10 U.S. respondents reported buying the same amount or more secondhand apparel items, indicating a sustained interest in the market. Furthermore, over 24% of survey respondents stated their intention to consider purchasing more secondhand apparel if prices continue to rise. These statistics underscore the resilience and adaptability of consumers in response to evolving market dynamics.
