Vestiaire Collective & BCG Report 2022
Our latest report with BCG is out, charting the changes in the way we're all buying and selling pre-loved fashion.
Let's start with a bit of context
You know it, but we have the numbers: Fashion resale is getting bigger and bigger. The second-hand fashion and luxury market is estimated to be worth $100-120B, 3x larger than it was just 3 years ago. Driven by younger generations looking beyond seasonal trends and embracing circularity, the market is expected to grow 20-30% annually*.
Our latest report with Boston Consulting Group (BCG) is called 'What an Accelerating
Secondhand Market Means for Fashion Brands and Retailers', and is based on a survey of thousands of fashion consumers across Europe, Asia and the US in 2022, aiming to understand their evolving shopping habits.
How are buyers changing their habits?
Half of the respondents to the 2022 survey said that affordability was the number one reason to choose second-hand. This is especially true for handbags which are the most common first step into the resale market. While affordability has fallen significantly since 2020, sustainability is an increasingly popular force, driving 40% of pre-loved purchases, while ‘the thrill of the hunt’ powers 35%. 25% of an average consumer’s wardrobe is now second-hand (and this is projected to grow to 27% by 2023), so it’s clear that there’s plenty of potential still to come from resale.
What about sellers?
Consumers are recognizing the value that’s in their closets and acting accordingly: Earning potential is the key driver for 60% of sales, along with making more space in their homes. As with buyers, sustainability concerns - driven by the climate crisis - are also growing fast, and now prompt 40% of sales. Investment pieces from luxury brands like Hermès, Dior and Celine retain their place as best sellers, but strong growth is coming from designer brands with recognizable items, like Jacquemus or MaxMara, showing a big opportunity for brands to increase their reach to new customers by including circularity into their business models.
How can brands and retailers get involved?
With affordable prices, millions of items and easy shopping, consumers are increasingly using resale platforms to try brands for the first time. In 2022, 59% of customers either discovered or bought a brand in this way, demonstrating a huge opportunity for brands to find potential new customers through resale. Fanny Moizant, our President and Co-Founder says: "While there are many avenues for brands to explore this market, internally or with an external partner, collaborating with an established platform like Vestiaire Collective has significant advantages, including access to our amazing community of over 23 million global members."