To fill their wardrobes in a sustainable way with unique, value-friendly items-consumers are shopping secondhand. The bottom line for brands is that the preowned market is here to stay. According to the BCG-Vestiaire research, 62% of consumers would buy more from fashion brands that partner with secondhand players. Brands should explore such options as selling secondhand themselves, developing their own resale platforms, instituting buy-back programs (making it easy for customers to sell their items), and partnering with existing resale platforms to leverage outside expertise. They stand to gain as much as their customers from the new circular economy, but reaping the full benefits requires understanding where the opportunities lie. There are many ways brands can capture value from the growing market.
VESTIARE COLLECTIVE DRIVER
Clearly, preowned consumption is a key driver of customer acquisition. In the past year, nearly 50% of preowned shoppers tried a new brand. To better understand the shoppers of today and tomorrow, brands should take stock of these segments and, just as important, recognize how secondhand consumers may evolve-from occasional shoppers of luxury items, for example, to full-fledged brand loyalists. We’ve looked beyond general preferences to identify six consumer segments representing the variation in participants’ engagement with the secondhand market, including their motivations, the frequency with which they buy or sell items, and their preferred marketplaces. Shoppers hope to own fewer, though better items, to reduce overconsumption, and to take better care of what’s in their closets the presence of a thriving preowned market encourages all three goals. Today, 70% of preowned buyers “like the sustainable aspect” of secondhand consumption, compared with 62% in 2018.
VESTIARE COLLECTIVE DRIVERS
Developed markets may see even greater gains, and some online resale players could potentially experience 100% year-on-year growth.Īlthough affordability, selection availability, and item uniqueness are key drivers of the secondhand market, consumers’ mounting environmental concerns also contribute to its growth. It suggests that the global secondhand market will likely grow over the next five years by a compound annual growth rate (CAGR) of 15% to 20%.
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