PwC Expert Reveals Second-Hand Fashion Market Soaring Past Traditional Retail

Erika Andreetta, a distinguished partner at PwC Italy and the firm's EMEA Fashion & Luxury Leader, recently shared insightful perspectives on the burgeoning second-hand fashion market. Her address took place at the 30th Pambianco-PwC Fashion Summit, an influential industry event held in Milan, where the evolving landscape of sustainable consumerism was a key discussion point.

Andreetta underscored the accelerating prominence of second-hand fashion, revealing its substantial economic footprint. In 2024, the global second-hand market generated an impressive revenue of $227 billion. This figure represents a robust 15% increase compared to 2023, signaling a significant upward trajectory. Furthermore, projections indicate that this remarkable growth is set to continue, with an anticipated additional 10% expansion this year.

Highlighting the dynamic nature of this segment, Andreetta emphasized that the market for second-hand fashion is expanding at an extraordinary pace, growing three times faster than that of traditional fashion. This rapid acceleration positions it as a transformative force within the industry. Looking ahead, PwC estimates a consistent annual growth rate of 10% for the second-hand market up to 2029, projecting its revenue to reach a staggering $367 billion by that year, further solidifying its long-term potential.

A critical factor fueling this unprecedented growth, as noted by Andreetta, is the significant influence and engagement of new generations. These younger consumers are increasingly driving demand and shaping preferences within the second-hand sector, valuing sustainability, affordability, and unique style over traditional retail models. Their collective purchasing power and evolving consumption habits are central to the market's continued upward trajectory and its projected future dominance.