The second-hand market boom 🛍️
With a scarce stock, there’s the opportunity to cash in through the rising resale market. Sustainability concerns among consumers is one of the many motivating factors driving the trend, especially in the fashion industry, which suffered a 93% drop in profits this past year
. It’s estimated that by 2023 nearly a third of consumers’ wardrobes will be comprised of secondhand fashion
. It’s not just Depop, Vinted or ThreadUp who are leading the sales − high street brands like Patagonia
have already embraced the movement through their own platforms. For Patagonia, sustainable shopping fits within their mission, but for luxury brands, the resale market may be a way to prevent the distribution of counterfeit products.