Business & Politics News and Discussions

[firestar464]

https://www.cnn.com/2024/03/24/politics ... index.html

Here's something better:

[wjfox]

[Time_Traveller]

Secondhand clothing on track to take 10% of global fashion sales

Wed 27 Mar 2024 10.00 GMT



Secondhand clothing sales are on track to make up a tenth of the global fashion market next year, as the cost of living crisis and concerns over sustainability drives consumers towards “pre-loved” garments.

Global sales of pre-owned clothes surged by 18% last year to $197bn (£156bn) and are forecast to reach $350bn in 2028, according to a report by GlobalData for resale specialist ThredUp. The landmark is expected to be reached a year later than predicted, as global growth remains slightly behind previous estimates.

However, the US secondhand market grew seven times faster than overall fashion retail where sales were flat in 2023 from a year earlier.

James Reinhart, the co-founder and chief executive of ThredUp, said the resale sector had continued to grow in a tough market because it was “more resilient” when household budgets were squeezed by higher energy and food bills.

“When consumer sentiment is softer, value is key,” he said. “People are looking to shop secondhand to drive more value.”

https://www.theguardian.com/business/20 ... hion-sales

[weatheriscool]