These initiatives balance money with care for our planet, with an added moral imperative. In parallel with a rising commitment to address global climate change, 2nd hand resale marketplaces are now disrupting both customer habits and retail operations. By breaking the manufacturing and waste cycle, these digital platforms offer a very low impact on climate change and help with a buyers’ budget.
According to the annual Thred Up and Global Data survey, the global market for 2nd hand goods is expected to grow from US$24 billion in 2018 to US$51 billion in 2023. Deutsche Bank confirms figures, with a 2nd hand market estimated at €22 billion of revenue in 2018, of which 25% is expected online. “Mature markets, such as France and Japan, are the world’s leading players in the secondhand business across all categories,” said Francesca Di Pasquantonio, Head of Global Luxury Research at Deutsche Bank. However, each country has its own fastidiousness.