Europe's secondhand goods market is poised for significant growth, fueled by increasing sustainability trends and shifting consumer behaviors.

The secondhand goods industry in Europe is experiencing an unprecedented surge, with the market reaching a valuation of USD 65,905.8 million in 2023, a year-on-year growth of 9.1%. Demand for secondhand goods is forecast to continue on a strong upward trajectory, with sales projected to reach USD 71,903.2 million in 2024. Looking ahead, the market is set to expand at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2034, reaching an estimated USD 1,57,460.3 million by the end of the decade.

The secondhand goods sector is booming in response to multiple shifting consumer behaviors, including growing environmental consciousness, a rising preference for vintage items, and increased affordability. As sustainability becomes more ingrained in consumer choices, secondhand goods have moved from being merely an affordable alternative to a conscious and sustainable shopping option, driving the market's growth.

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Key Drivers Behind the Growth

Sustainability Awareness: Consumers across Europe are increasingly aware of the environmental impact of new products. This growing concern has driven a shift toward secondhand goods as part of the broader transition toward a circular economy.

Economic Benefits: Amid rising inflation and economic pressures, secondhand goods offer a cost-effective alternative to new products, making them increasingly attractive to budget-conscious consumers.

Growth of Online Platforms: Online marketplaces have experienced a meteoric rise, becoming the dominant channel for secondhand goods sales. These platforms, offering convenience, a broad product selection, and secure transactions, have become the go-to for buyers and sellers across Europe.

Key Market Dynamics and Trends

Affordability and Value: The secondhand market thrives on its ability to offer consumers affordable and unique products. Bargain opportunities and the appeal of vintage items further add to the sector's attractiveness.

Retailer and Resale Collaboration: Major brick-and-mortar retailers are joining forces with secondhand marketplaces, challenging traditional retail paradigms. Notable examples include IKEA's buyback programs and H&M's pilot repair and resale stores, which have gained traction across Europe.

Consumer Shifts Toward Circularity: As consumers become more accustomed to sustainable consumption practices, secondhand goods have become part of everyday retail experiences. A growing number of European consumers see secondhand products not only as affordable options but as a way to reduce waste and promote sustainability.

Regional Insights

France leads the pack with a forecasted 11.3% CAGR, driven by sustainability trends and a thriving secondhand culture, especially among urban populations.

Germany, known for its strong environmental consciousness, is projected to see a 6.3% CAGR, with secondhand goods aligning closely with the country's circular economy goals.

Italy's luxury secondhand market is expanding rapidly, fueled by a fashion-conscious population seeking high-quality, pre-owned designer pieces, with a forecasted 9.7% CAGR.

Spain is another growth hotspot, with a robust 11.8% CAGR expected from 2024 to 2034, reflecting the rapid adoption of secondhand consumption in the region.

Market Segmentation

The apparel and fashion sector remains the largest segment, benefiting from the continued popularity of vintage and pre-owned clothing. The segment is expected to grow at a 5.7% CAGR over the forecast period.

Online marketplaces lead the growth trajectory, experiencing an impressive 12.6% CAGR, reflecting the increasing trend of digital shopping platforms that offer users a convenient way to buy and sell secondhand goods.

Competitive Landscape

The European market for secondhand goods is a vibrant and competitive sector, marked by a mix of traditional thrift stores, online platforms, and new market disruptors. Traditional thrift stores, with their long-established presence and strong community connections, continue to play a key role in the market.

However, the landscape has been significantly reshaped by the rise of online platforms like eBay, Depop, Vinted, and local marketplaces such as Schpock. These platforms have revolutionized the way consumers buy and sell secondhand items, driving new competition. Changing regulations, along with growing consumer awareness about sustainability, affordability, and the appeal of unique items, have further intensified this competition. The increasing focus on the environmental impact of fast fashion is fueling the demand for pre-owned goods, as more consumers opt for sustainable alternatives. Meanwhile, brands are embracing circular economy models, further supporting the shift towards secondhand markets.

Recent Advancements

In 2023, The Amazon Buy with the Prime program, which enables retailers to integrate the company's payment and fulfillment services onto their website, is expanding.

In 2022, eBay, an American e-commerce corporation, has teamed up with Advanced Garment Solutions (ACS). This company specializes in garment repair, sanitization, and resale to increase the online marketplace's selection of used items and contribute to waste reduction in the fashion sector.

Key Companies Profiled

eBay; Amazon Marketplace; Depop; Vestiaire; Collective; Vinted; ASOS Marketplace; CeX; Back Market; Gumtree; Preloved; MusicMagpie; Feelunique; Lookfantastic; Decathlon; Pets at Home; Oxfam; Etsy; Farfetch Second Life

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Key Segments

By Product Type:

• Apparel/fashion
o Women's
o Men's
o Baby/Kids
• House, Garden, Do-It-Yourself
• Consumer Electronics
• Media and Entertainment
• Consumer Appliances
• Beauty and Health
• Toys
• Leisure, Sports and Fitness
• Pet Supplies

By Sales Channel:

• Thrift Stores/Resale Stores
• Online Market Places
• Consignment Shops
• Other Channels

By Country:

• The United Kingdom
• France
• Germany
• Spain
• Russia

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This release was published on openPR.