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2 clusters · 4 sources · 13 days · First seen · Last updated

Growth in global secondhand and circular markets

Overview

Global and regional trends indicate a significant rise in secondhand consumption and the circular economy. On a global scale, Gen Z and millennial demographics are driving growth in the resale and upcycled fashion markets. Driven by environmental concerns and waste reduction, the global resale market is projected to reach $367 billion by 2029, while the upcycled fashion market is expected to nearly double in value by 2034.

In New Zealand, this trend is reflected in high engagement levels, with 89% of the population reporting secondhand purchases in a recent six-month period. Primary motivations for these purchases include cost savings, environmental impact, and quality. This shift extends to the design industry, where there is an increasing reliance on vintage and antique items, including a rise in the sourcing of pre-1920s antiques.

Entities

ThredUp · Webb’s · 1stDibs · Precedence Research · Trade Me

Timeline

  1. [BUSINESS] 2 sources
    New Zealand sees record rise in second-hand consumer spending

    A record 89% of New Zealanders have purchased second-hand goods recently, driven by cost and environmental concerns, while global designers increasingly source vintage and antique furniture.

  2. [CULTURE] 2 sources
    Gen Z driving growth in secondhand and upcycled fashion markets

    Gen Z and millennials are driving a surge in secondhand shopping and garment mending, with the global resale market projected to reach $367 billion by 2029.

Sources

buildandrenovate.co.nz · harbinlaw.com · ourwabisabilife.com · tvovermind.com