Second-Hand Fashion on the Rise: How Retailers Can Adapt
- UK shoppers make twice as many apparel purchases on second-hand platforms than on social media
- Global fashion resale market expected to grow 127% by 2026
- H&M and Shein launching resale platforms
- Gen Z leads the trend with 33% shopping pre-loved platforms, 25% buying from vintage stores, and 30% visiting charity shops
- Sustainability, affordability, and exclusivity driving second-hand fashion popularity
- Retailers can attract new audiences through resale offerings
- Offering budget lines, sustainable credentials, and repair services help retailers be more eco-friendly
A recent study by True Fit reveals that UK consumers are increasingly turning to second-hand platforms for apparel purchases. With the global resale market set to grow 127% by 2026, retailers like H&M and Shein are launching resale platforms to attract Gen Z shoppers who prioritize sustainability, affordability, and exclusivity. To stay competitive, retailers should consider offering budget lines, sustainable credentials, and repair services.
Factuality Level: 9
Factuality Justification: The article is based on data from True Fit and Boston Consulting Group, and includes quotes from Sarah Curran, global CMO at True Fit. It provides statistics about the fashion resale market growth and consumer preferences for sustainability and affordability. The information is sourced from a reputable platform and presents facts without any significant bias or misleading information.
Noise Level: 3
Noise Justification: The article provides relevant information about the growing trend of second-hand apparel purchases and its drivers such as sustainability, affordability, and exclusivity. It also highlights the opportunities for retailers to attract new audiences through circular fashion offerings and the changing expectations from consumers regarding sustainable practices. The article stays on topic and supports its claims with data from True Fit’s poll. However, it could benefit from more in-depth analysis or insights into how these trends might impact the industry long-term.
Financial Relevance: Yes
Financial Markets Impacted: The growth of the global fashion resale market and the expansion of H&M Pre-Loved and Shein exchange platforms may impact the financial performance of these companies.
Financial Rating Justification: This article discusses the increasing trend of second-hand fashion purchases among consumers, particularly Gen Z, which is leading to changes in retail strategies by companies like H&M and Shein. This can have an impact on their financial performance as they adapt to this market shift.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article. The topic discusses the growing trend of second-hand fashion and its impact on retailers, with a focus on sustainability and circular fashion.
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