Rise Of The Resale Business In The Retail World

Other clothing businesses have become a major part of the fashion world. An increasing number of brands participate in the resale sector of the company. According to Statista, “In 2021, the global market value of other apparel and wholesalers is estimated at $96 billion.”

Amazon recently formed a partnership with luxury clothing company, What Goes Around Comes Around, to sell high-end brand merchandise on their site. The interesting thing about this relationship is that many luxury brands that Amazon will now carry because of the relationship, are brands that refused Amazon’s request to sell on their site.

A revolutionary generation

In the resale business it seems that customer behavior changes based on age. RealReal reported that more than half of those who sell it in 2021 are Generation X or older, or at least 42 years old. Young consumers are the ones who usually buy these clothes.

As of 2021, 42% of millennials and Generation Z respondents of a global survey said they are likely to shop for things.

On average, online shoppers in the United States will spend nearly $340 US dollars on merchandise in 2021.

The younger generation is attracted to buying these pre-owned products, not only because they can cost less, but because it is better for the environment. residence. Today, the ability to buy second-hand gloves through apps and websites makes the process much easier, instead of washing clothes in a physical store.

Nordstrom launched what they call their shopping experience, See You Tomorrow, an online shopping and physical store experience at the Nordstrom NYC flagship store. Where consumers can buy pre-owned clothes and accessories, and can participate by adding their own items through the consumer consumption program.

The world is wise

Reselling pre-owned items isn’t the only way to give to peers. Zara has partnered with LanzaTech, a biotech company, to focus on sustainability by making clothes from carbon emissions.

This collaboration is the first time that clothing made from carbon dioxide has been produced for sale.

“LanzaTech has technology that can help fashion brands and retailers reduce their carbon footprint. By working with Zara, we have found a new way to recycle carbon fiber to make clothes,” said Jennifer Holmgren, who CEO at LanzaTech said. The company is also partnering with Lulu Lemon to create clothes that are made from carbon dioxide.

Many retailers have also added clothing donation bins to their stores as they market these initiatives as environmentally friendly and fast fashion. H&M has added these blogs to more than 4,200 of their stores worldwide, announcing that pre-owned gift pieces can be repurposed. However, the program is criticized considering that fast fashion is the main factor that contributes to the large number of textiles ending up in waste.

About 85% of unwanted textiles in North America end up in the landfill – which amounts to more than 11 billion kilograms per year. Recycling clothes into new clothes is expensive and difficult. H&M’s 2018 Sustainability Report states that of all the estimated half a billion garments used annually, only 0.7% is recycled. However, the company also stated in the report that their goal is to use 100% recycled or other sustainable materials by 2030 at the latest.

Zara is another company that offers gifts in their stores and has now also entered the resale market with peer-to-peer shopping in the UK called Zara Pre-Owned. In addition to reselling Zara’s pre-owned clothing, the platform will allow shoppers to request repairs on any used Zara clothing at any time, and arrange for the gift to be delivered to their home.

According to ThredUp’s 10th annual resale report, the global second-hand clothing market will grow 127% by 2026 – that’s three times faster than the global clothing market as a whole. And the US handcraft market will double by 2026, reaching $82 billion.

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