"The retail industry is adopting powerful new pathways for resale, driven by a surge in secondhand shopping growth and consumer demand for sustainable options."
"Millennials and Generation Z plan to spend a significant portion of their apparel budgets on secondhand items, reflecting changing attitudes towards sustainability in fashion."
The retail sector is seeing robust growth in the secondhand apparel market, projected to grow to $367 billion globally by 2029. A 14% increase in U.S. secondhand shopping in 2024, significantly higher than the traditional apparel market's growth, indicates a shift towards sustainable shopping. Younger consumers, particularly Millennials and Generation Z, plan to allocate nearly half of their apparel budgets to secondhand items, reflecting eco-consciousness. The integration of social commerce and innovative technology are key factors fueling this retail evolution, alongside broader economic pressures like tariffs that encourage cost-saving consumer behavior.
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