TO inflation jump more and more consumers are turning to the used clothing, footwear and accessories market, pushing the used goods industry’s global sales to $177 billion last year, according to a new report from online platform ThredUp Inc.

This is an increase of 28% compared to 2021, which is due to both high inflation and growth retail “resale”, but also in the growing awareness of sustainable shopping habits.

In fact, forecasts indicate further growth. ThredUp’s report, based on data from retail analytics firm GlobalData, predicts that global second-hand goods sales will nearly double to $351 billion by 2027. James Reinhart in an interview with Bloomberg.

At a time when consumers are beginning to appreciate the used market, brands are taking the issue of resale more and more seriously. “When I talk to brand names today, they are not talking about whether they are going to be involved in reselling, but how to do it,” Reinhart said.

Used car sales will reach $177 billion in 2022.

Fashion companies that want to reduce gas emissions as well as reduce their environmental impact in terms of water and plastic use can try to address these issues at the same time by supporting the continued use of their existing products through resale, generating additional revenue.

However, the question remains whether the proliferation of used and other “circular” business models will lead to a reduction in the number of new products being produced or consumer demand for new products.

The buyers most attracted to resale are the younger generation, especially Gen Z. According to a GlobalData survey of nearly 3,000 American adults, 83% of Gen Z respondents said they have bought second-hand clothes or are willing to do so. “It’s definitely a youth sport,” says Reinhart.

These same consumers are largely fueling the growth of fast and ultra-fast fashion, which explains why even the big fast fashion companies are now embracing secondhand sales in stores and online.