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Over the last few years, we’ve all become well acquainted with sustainability and its many forms. For many of us, making small changes in our everyday lives like opting for reusable shopping bags, KeepCups and avoiding single-use plastics has become second nature. While these individual actions signify a societal shift in our mindset towards the environment, there is still a lot of work to be done on a grander, global scale.
The fashion industry is a massive part of this. According to the House of Commons Environment Audit Committee, the clothing production industry is the third biggest manufacturing industry globally, after the automotive and technology industries. Although it’s not as big, textile production contributes “more to climate change than international aviation and shipping combined”. Huge.
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Home / Knowledge / Article / Fashion / The Sudden Growth Of Secondhand And The Online Resale Market
The Sudden Growth Of Secondhand And The Online Resale Market By: Click to explore our newest AI enabled Analytics. Share
In its most recent 2020
Resale Report, Thredup shared insights from contrasting consumer perspectives:
that of pre-covid, and that of post. The data confirmed two trends the
further acceleration of online shopping (expanding the opportunities of e-commerce
and marketplace businesses) as well as the sudden value placed on quality over
quantity of goods, thus enticing consumers towards the world of secondhand and
resale shopping.
As consumers demand environmental consciousness and businesses see profits to be made, innovation will infiltrate the consumer shopping experience more and more, according to a report published in December from market research company CB Insights. Sustainability has taken on new meaning for companies since the onset of Covid-19, the report s author, Rachel Binder, a Senior Intelligence Analyst at CB Insights, tells CNBC Make It.
For example, the pandemic exacerbated the global waste crisis, says Binder: Health and safety concerns drove an accumulation of plastic waste, like disposable masks and gloves, she says, and things like restaurant shut-downs and other supply chain disruptions led to an abundance of food waste.