From rags to riches, the secondhand market has quickly become one of the biggest areas of the fashion industry. Is this just another micro-trend or is there a real opportunity for investment?
Despite the bias, we’re here to tell you to dress in your best preloved pieces and parade the world with confidence as this era is here to stay. Although we have a true love for the preowned here at Designer Exchange, there is real evidence to show the benefits of investing in the market. Not only will you serve the streets in your best vintage and preloved finds, but you actually have the opportunity to make a sizable return.
The sustainable outlet for fashion fanatics is due to double in size over the next ten years and we will even see it begin to overtake the once dominant fast fashion market. Sources from Forbes state that since the beginning of the pandemic the second hand and consignment market grew almost 22 times faster than its unsustainable counterpart. We can see this in action as in recent times, there has been an official honouring of the preloved market from the luxury houses themselves. This an almost shocking move, as previously they had emphasised their discontent with the area. However, with the announcement of the “Gucci Vault” and Mulberry’s official preowned section, we can see that billion-dollar groups such as Kerring, see clear profitability in the market.
What is causing this growth and why is it here to stay? Popular social media platforms, such as TikTok have caused a mass awakening in the detrimental effects of climate change and just how greatly the Fashion industry has contributed to it. This paired with the fact that one of the most influential topics of conversation on the app occurs around fashion and personal style, has caused an almost cult following in the practice. Terms such as “Archive”, “Deadstock” and “Vintage” have bombarded topics of conversation with content creators. The harder it is to source an item the more desirable it is to the followers. Thrifting and all activities in searching for the best preowned piece became an outlet for expression that the mass desperately needed in the restrictions of the pandemic. This expression also opened the eyes of Generation Z to the luxury world. The fashion forward group are set to become the largest consumers within the next decade and are truly pushing the luxury fashion houses to break the ceiling of their creativity in return for their loyalty.
The already large following of the market paired with the up-and-coming support of the forward-thinking Gen Z, have formed a concrete backing in the preloved industry that has no plans of decimation. Stephen Cousins from the Bluebird Snow Exchange, states that there is currently enough clothing for the foreseeable 6 generations, this only solidifies confidence in the perseverance of the industry. The challenge that faces consumers to predict the next trends, source the rarest pieces and express their individuality, churns the cogs of the circular fashion economy into prosperity.
Price increases in purchasing designer pieces first hand have also soared in recent months, seen particularly by houses Louis Vuitton and Chanel. For example, if you were fortunate enough to have purchased a Chanel Medium Classic Flap just over a decade ago, today in 2022 you could see a return of nearly 70%, with prices rising from €2400 in 2010 to €7900. This value increases exponentially when you throw the word “vintage” into the conversation.
So with all that being said, there has never been a better time to either start your preloved designer obsession or sell your previous pieces. You can then keep the circular fashion economy going and be your most sustainable self by spending that return on even more not-so-new fashion. The best news is that you can do all this and more at Designer Exchange. We have nearly a decade’s worth of knowledge, which is complimented by our financially backed authenticity service, Entrupy. We promise to provide award-winning experience to find you the perfect preloved designer bag or accessory, and even better yet buy your favourite pieces from you too.