Secondhand Apparel Market
These days, trends in fashion industry change regularly, and celebs and influencers urge individuals to dress in fashionable clothing. However, not everybody can afford to purchase high-end clothing from the retail sector. As a result, they choose to purchase clothing from the secondhand market, which is expected to reduce the need for fast fashion. In addition to that, the demand for formal outfits amongst women across the globe is expanding at a large rate owing to the rapid growth in the working women labor force. This factor is likely to play an important role in the development of the global secondhand apparel market in the years to come.
Businesses are always creating novel strategies so as to maintain the interests of the millennials as they are predicted to exceed boomers in the years to come. Companies are consistently reviewing everything from pricing structure to redesigning storefronts or entering the online platform. Furthermore, millennial customers are increasingly interested in classy, low-cost, classy, and fashionable outfits. As such, they are diverting their attention towards secondhand apparels, since the market offers a wide range of vintage fashion. Growing interest of the millennials is likely to spur demand in the the global secondhand apparel market in the years to come.
Secondhand Apparel Market: Outline
The rising awareness about the environment across a considerable chunk of the populace around the world and the overwhelming benefits associated with secondhand clothing may bring promising growth opportunities for the global secondhand apparel market during the assessment period of 2020-2030. Cost-effectiveness is also a significant growth factor for the secondhand apparel market.
The growing trend of fashionable clothes and the escalating popularity of secondhand clothes among the low-income group due to its affordability may serve as a growth multiplier for the secondhand apparel market. In addition, the millennial populace across the globe is becoming more aware about sustainability. Hence, these aspects may bring exponential growth prospects for the secondhand apparel market.
Dresses, tops, shirts, t-shirts, sweaters, coats, jackets, jeans, pants, and others come under the umbrella of secondhand clothes. On the basis of sector, the secondhand apparel market can be classified into resale and traditional thrift stores and donations. These apparels are made available to consumers through independent small stores, hypermarkets, online retailers, departmental stores, etc.
The promotion of secondhand clothing among the rural communities across different parts of the world may also generate promising growth for the secondhand apparel market during the forecast period of 2020-2030
This report on the secondhand apparel market enlightens the stakeholders and CXOs about the recent developments and the latest scenario. The consistently changing market dynamics have been inculcated in the report in a detailed and scrutinized way so that the CXOs can absorb every bit of information without any hindrance and take steps as per the situation.
The report also contains information about the COVID-19 impact on the secondhand apparel market and the vital threats that the secondhand apparel market may face between 2020 and 2030.
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Secondhand Apparel Market: Competitive Scenario
A plethora of clothing brands are involved in the secondhand apparel market and are in intense competition to outsmart others. Attractive offers, cashback, and discounts reign supreme across the secondhand apparel market. The players in the secondhand apparel market attract customers through such offers and this eventually leads to an increase in revenue.
E-commerce is thriving since the novel coronavirus pandemic struck across the world. Due to the threat of the deadly virus, a substantial number of people prefer to shop from the comfort of their homes instead of visiting the shops. This aspect is prompting the players to revamp and upgrade their online presence.
Extensive advertising strategies and a robust social media presence are also crucial in increasing the revenues of the players in the secondhand apparel market.
Secondhand Apparel Market: Growth Drivers
The advantages etched with secondhand apparel may bring tremendous growth prospects. The apparel helps in reducing the carbon footprint. The fashion industry is regarded one of the most pollutive industries across the globe. The more people embrace secondhand apparel, the more beneficial it is for the environment.
Considering the rising pollution levels and the dense carbon footprint, numerous individuals are adopting this type of clothing. Reusing a dress can reduce the carbon impact by 79 percent. Hence, this aspect may invite tremendous growth opportunities for the secondhand apparel market.
Many renowned clothing brands are promoting the use of secondhand apparel seeing the magnanimous response. For instance, Levis recently launched its secondhand online store where it will sell reused clothing that’s checked and cleaned before placing them in the inventory. Such developments invite extensive growth prospects for the secondhand apparel market.
Secondhand Apparel Market: Regional Prospects
The Middle East and Africa’s secondhand apparel market may garner extensive growth prospects through the assessment period due to low-income levels and the adoption of secondhand apparel by the rural communities. North America may gain moderate growth for the secondhand apparel market across the forecast period.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.