There are many reasons to believe fast fashion is slowing down and slow fashion is the new black. You’ll see all over social media and so on that some of the large retailers are feeling the dip in profits and being left with unsold stock and going as far as burning millions of dollars’ worth of designer labels that just aren’t moving. It appears that the craving for throwaway items is shifting.
Fast fashion or designer brands, if your shoppers can find a high-quality product for less, they’ll choose preloved.
For instance, American reseller ThredUP estimates that resale fashions have recently grown 21 times faster than fast fashion sales, with preloved clothing consumption likely to overtake fast fashion buying trends. It is predicted that this industry will be worth $60 billion Australian dollars within two years, by 2022.
They claim that a couple of years ago resale equated to 6% of the fashion market, with fast fashion at 9%. By 2027 however, it is projected that preloved sales will almost double to 11% and start to overtake the stagnating estimated 10% of fast fashion sales.
Total secondhand clothing market is set to double in 5 years with the resale, preloved clothing market driving the growth.
This change is assisted by the shopping habits of millennials and boomers who are the biggest and most impulsive yet simultaneously environmentally-conscious shoppers. The stigma of buying secondhand or used clothing is disappearing. Gen Z (18-24) are the fastest growing preloved clothing shoppers where 1 in 3 are buying secondhand in 2019. Overall, 64% of women now, compared to 45% in 2016, say they’ll buy preloved clothing, shoes and accessories. The report concludes that while millennials discard items after about one to five wears, 77% are willing to switch to preloved purchases for environmental reasons.
Resale offers the wardrobe-rotating fun of fast fashion without the guilt of waste. By driving preferences away from disposable fashion towards higher-quality clothes, reuse is a boon for our personal style and the planet.
Elizabeth L. Cline, Author of The Conscious Closet
There’s apparently been an interesting shift in the perception of ownership and how shoppers are increasingly thinking differently about clothing. Apparently 40% of shoppers consider potential resale value when buying clothes, so they’re looking at their clothing buys as an investment rather than a disposable commodity.
It’s a big Yay! from us.
End note: Meet the wardrobe of the future.