Secondhand fashion craze sales triple, growth rate is twelve times faster than fast fashion!
Secondhand fashion sales triple, grow 12x faster than fast fashion
BusinessDialogue has learned that the second-hand clothing market is booming, with a growth rate 12 times faster than fast fashion. In just two years, its sales have tripled, overcoming the economic crisis caused by the pandemic.
In comparison, fast fashion has only grown by 17%. Specifically, the fast fashion market has increased from 78.655 billion euros last year to 91.932 billion euros.
It is worth noting that the global revenue of vintage clothing in 2020 was about 40 billion US dollars (36.45 billion euros), and is expected to reach 120 billion US dollars (about 110 billion euros) in sales by 2022.
Price increases and the current economic outlook marked by inflation and raw material costs are some of the factors affecting the prosperity of the second-hand clothing market.
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The Fast Fashion Industry is also recovering from the pandemic
As for fast fashion itself, it has also successfully recovered from the pandemic, with its sales showing an increase, although at a slower rate than second-hand clothing. Companies such as Inditex, Uniqlo, H&M, GAP, and Primark have shown outstanding sales performance.
Among the fast fashion giants mentioned above, Inditex has ranked top in sales since the end of 2022 (including Christmas activities) with a sales revenue of 32.569 billion euros, an increase of nearly 60% from 2020. Following closely behind is H&M, whose sales revenue dropped from 25.121 billion US dollars to 19.75 billion US dollars in 2022.
Another fashion giant is the parent company of Uniqlo’s business. This Japanese multinational company’s business is on the rise, with a 20% increase in revenue in two years. Therefore, the company’s sales revenue increased from 13.577 billion euros to 16.349 billion euros last year. Revenue is similar to GAP, at around 14.55 billion euros, an increase of 13% from the sales revenue of 12.88 billion euros at the end of 2020.
BusinessDialogue has learned that Primark has also increased its sales. The increase was 30.5%, with sales reaching 8.172 billion euros, compared to 6.673 billion euros two years ago. There are more and more second-hand clothing companies. There is no doubt that the fashion industry will always occupy a key position in the economy. However, this is a highly competitive industry that must now face new challenges such as digitalization.
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