Second Hand Footwear Market reach a valuation of US$ 43.1 Bn by the end of 2032
NEW YORK, May 9, 2022 /PRNewswire/ -- The global second hand footwear market is projected to witness a CAGR of approximately 12.5% over the forecast period of 2022-2032, mostly driven by growing importance of the sustainability concept.
When shopping in the second hand fashion market, there will be an oversized market for secondhand footwear as well. There is literally a year-round need for footwear in the marketplace, from lavish shoes to barefoot flip-flops. Second hand footwear is sold for substantially less than branded shoes, and that is a chief contributing cause to secondary market development.
Continuing relevance of the circular economy notion is yet another reason driving the growth of the second hand footwear industry. Climate change is among the most urgent issues faced by the human race, and the fashion industry is one which is a significant threat to it. As a result, second hand fashion is a way to leverage brand-new fashion trends by utilizing current products.
Hygiene is one of the major factors that is restraining people to opt for used footwear. However, used products undergo an in-depth sorting process, and if they become unusable, they're not sold to consumers. Thus, active efforts on the part of market players to provide effective and good quality second hand footwear is likely to facilitate a positive growth outlook over the coming years.
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Key Takeaways from Market Study
- The second hand footwear market is expected to open new avenues for vendors over the coming years due to an increasing number of second hand shoppers. The number of women shoppers is predicted to grow by 20-26 percent over the coming years. This reflects that vendors will now exhibit favorable opportunity profiles.
- Sales of second hand footwear through online channels are expected to reflect a high CAGR during the forecast period.
- There is competition between second hand e-Commerce and first hand e-Commerce; most second hand e-Commerce outlets depend on first hand e-Commerce and benefit from their user traffic.
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"Individuals are gradually turning to the idea of second hand fashion, but it has by no means reached full saturation. An excellent pair of shoes is of primary importance to customers, which means they prefer not to use resold footwear because of factors such as aesthetics and wear & tear of the product," says an analyst at Persistence Market Research.
Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the second hand footwear market, along with the highlights of differential strategies used by players operating in the market.
Some of the key players identified across the value chain include ThreadUp Inc., The RealReal Inc., Poshmark Inc., Vestiaire de Copines SA, Rebelle Company, Vintage-United Company, Labello Authentic Luxury Company, Etsy, Inc., Quikr India Pvt Ltd., Farfetch UK Ltd., and Bank & Vogue Ltd.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the second hand footwear market, covering global industry analysis of 2017-2021 and forecasts for 2022 to 2032. This research report provides compelling insights on the basis of product type, consumer orientation, price range, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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