Americans are driving growth in secondhand fashion market by buying more resale goods. As per a GlobalData report, the secondhand fashion market in the US is expected to reach $77 billion in the next five years. Commissioned by online consignment startup ThredUp, the report surveyed 3,500 adults in the country.

The report found a record 33 million Americans bought secondhand for the first time in 2020. Over 76 per cent of these shoppers plan to increase their share of resale purchases in the next five years. The secondhand market is likely to grow 11 times faster than the clothing retail market during this period. Around 42 per cent retailers plan to adopt resale in the next five years making the market two times larger than fast fashion by 2030, predicts GlobalData. Around 58 per cent plan to offer financial incentives with resale. Forty-four per cent consumers believe, the government should play a role in promoting sustainable fashion.