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Apparel Resale Market Size, Share Analysis, Top Players, And Forecast To 2033
Apparel Resale Market Share
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According to The Business Research Company's, The apparel resale market size has grown rapidly in recent years. It will grow from $163.13 billion in 2023 to $181.40 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increasing digital platforms for resale, increasing disposable income, increasing demand for affordable luxury brands, growth in demand for eco-friendly fashion alternatives, and growth in online payment security.
The apparel resale market size is expected to see rapid growth in the next few years. It will grow to $281.70 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to the increasing number of digital wardrobes and closets, increasing urbanization, increasing demand for unique and vintage clothing items, rising middle-class population, and increasing cross-border trade. Major trends in the forecast period include technological advancements, integration of AR, blockchain, adoption of mobile payment solutions, and eco-friendly packaging.
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Market Drivers and Trends:
The growing e-commerce platforms are expected to propel the growth of the apparel resale market going forward. E-commerce platforms are online systems that enable businesses and individuals to buy and sell goods and services over the Internet, providing tools for transaction management, inventory control, and customer engagement. The growth of e-commerce platforms is due to the growing adoption of online shopping, advancements in digital technology, and the expanding reach of Internet access. E-commerce platforms provide a global reach, allowing sellers to access a wider audience beyond their local geographic area. This increased visibility enables resale items to reach buyers needing access to physical resale stores. For instance, in May 2024, according to the United States Census Bureau, a US-based government organization, the U.S. retail e-commerce sales for the first quarter of 2024 reached $289.2 billion, reflecting a 2.1% (±0.7%) increase compared to the fourth quarter of 2023. Therefore, the growing e-commerce platforms are driving the growth of the apparel resale market.
Major companies operating in the apparel resale market are focused on developing innovative solutions, such as resale platforms, to enhance the user experience and drive market growth. Resale platforms are online or physical marketplaces where individuals and businesses can buy and sell pre-owned goods, including clothing, accessories, and other items. For instance, in October 2022, Shein, a Singapore-based retail company, launched a new online peer-to-peer resale platform in the United States. The platform offers a streamlined interface for buyers and sellers, incorporating advanced search filters and personalized recommendations to find and list pre-owned fashion items easily. A robust authentication system ensures the quality and authenticity of items, while integrated AI-driven pricing tools help sellers set competitive rates.
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Major Key Players of the Market:
Walmart Inc., Alibaba Group, H&M Hennes & Mauritz Retail Pvt Ltd., eBay Inc., Flipkart Internet Pvt Ltd., SHEIN, ZARA, Mercari, The RealReal, Poshmark, Thredup Inc., Meesho, StockX LLC, Vinted Inc., Remix Global AD, Buffalo Exchange, A&E Clothing, Sellpy, Ajio, Shelter, Vogue, Chikatex, Micolet, Aristobrat, Thrift+, YnFx
Apparel Resale Market 2024 Key Insights:
• The apparel resale market size is expected to see rapid growth in the next few years. It will grow to $281.70 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Growth of E-Commerce Platforms Driving The Apparel Resale Market
• Shein Launches Innovative Resale Platform To Drive Growth In The Apparel Resale Market
• Asia-Pacific was the largest region in the apparel resale market in 2023
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