Sixty percent of Gen Z shop second-hand, a new generation of thrifters who are proud to buy and own pre-loved.
The second-hand market is set to hit £49.2 billion over the next five years. How is your brand going to make full use of this and capitalise on it?
Market leaders, Levis, launched their Levi’s SecondHand marketplace, their first ever buy-back and resale online platform with sustainability at its heart. Ikea opened their first second-hand shop in Sweden last November, buying back used items and offering vouchers up to 50% of the original value. The concept quickly escalated; the Swedish retailer is now launching a “buy back” scheme when shops finally reopen this April. The scheme encourages homeowners to sell unwanted furniture back to Ikea in exchange for gift cards. This pre-loved, second-hand furniture will then be re-sold for other customers to purchase. An ideal way of making sustainable living simpler and more accessible.
Brands are now waking up to the potential of resale as a legitimate, sustainable and even profitable part of their business. The second-hand market is set to hit £49.2bn over the next five years. Resale is expected to increase fivefold over the same period, while general retail is projected to shrink (source: ThredUp). Sustainable shopping just got smart.