NEW YORK, May 9, 2022 /PRNewswire/ — The global second-hand shoe market is expected to experience a CAGR of approximately 12.5% over the forecast period 2022-2032mainly motivated by the growing importance of the concept of sustainability.
When shopping in the second-hand fashion market, there will also be an oversized market for second-hand shoes. There is literally a year-round need for shoes on the market, from lavish shoes to barefoot flip flops. Second-hand shoes are sold at a much lower price than branded shoes, which is one of the main causes of the development of the secondary market.
The continued relevance of the circular economy concept is another reason for the growth of the used shoe industry. Climate change is one of the most pressing issues facing the human race, and the fashion industry is one that poses a significant threat to it. As a result, second-hand fashion is a way to take advantage of brand new fashion trends using current products.
Hygiene is one of the main factors that prevents people from opting for used shoes. However, used products go through a thorough sorting process and if they become unusable, they are not sold to consumers. Thus, active efforts by market players to provide efficient and good quality second-hand shoes are likely to facilitate positive growth prospects over the coming years.
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Key insights from market research
- the second-hand shoe market is expected to open up new avenues for sellers over the next few years due to the growing number of second-hand buyers. Number of female shoppers are expected to increase 20-26% over coming years. This reflects the fact that vendors will now present favorable opportunity profiles.
- Sale of used shoes through online channels are is expected to reflect a high CAGR over 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. A great pair of shoes is paramount to customers, which means they’d rather not use of resold footwear due to factors such as aesthetics and wear and tear on the product,” says an analyst at Persistence Market Research.
Main market players
The report highlights groundbreaking insights into the competitive scenario of the Used Footwear Market along with highlights of the differential strategies employed by players operating in the market.
Some of the key players identified along 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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Learn more about report inclusions
Persistence Market Research has published a new market report on Used Footwear Market, covering the global industry analysis from 2017-2021 and forecast from 2022 to 2032. This research report delivers compelling insights into the based on product type, consumer orientation, price range and sales channel, in all major regions of the world.
The report also includes forecasting factors and vital macroeconomic factors that are expected to boost the growth of the global market. It also discusses the restraints which are expected to hinder the growth of the market along with the latest trends and potential opportunities in the market.
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