The continuous emergence of essential items have accelerated the upgrading of products. The strong demand for social media updates and the premium to urban life have put pressure on the wardrobe space of young consumers.
Farfetch's $250 million acquisition of Stadium Goods attests to the potential of the resale market. As Bain & Co predicted, consignment sites have become important participants in the expanding online luxury market, which is expected to grow from the current $30 billion to $103 billion by 2025.
The renewed focus on second-hand goods is an opportunity for physical retailers to enter the cycle. Filippa K has also opened a used store in Stockholm that sells its own clothes and gets a 15 percent discount by encouraging consumers to recycle old clothes.
The emergence of Rent the Runway in the United States and second-and-third-class women clothing rental platforms in China has sparked deeper discussions about the end of ownership. This leads to a more thoughtful fashion vision-the existence of quality and desire to stop being discarded, and an idea that will be driven by strong consumer sentiment.