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Second-hand shopping is set to overtake fast fashion in the next 10 years

Illustration by TwylaMae
Words by Veronica Stanford

Fast fashion is slowing down.

We’re being given more reasons to believe fast fashion is making its exit. From reports about H&M’s dipping profits and unsold stock, to questions over retailers being behind the ball in the digital sphere, it certainly seems like our obsession with throwaway consumption is dwindling.

Now, a report by US reseller ThredUP is estimating resale fashion will soon overtake fast fashion, with an expected market worth of $41 billion USD by 2022.

According to the site, in 2017 resale equated to six per cent of the fashion market, with fast fashion at nine per cent. By 2027 however, it’s projected to sit at 11 percent for resale and 10 percent for fast fashion.

The report also denoted some interesting facts about our shopping habits, finding millennials are impulsive yet simultaneously environmentally-conscious. It concludes that while millennials discard items after between one and five wears, 77 per cent of them are willing to make the switch to second-hand purchases for environmental reasons.

You can check out the full report here.

thredup.com

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