A new report by one of the world’s leading global community marketplaces for ‘desirable’ pre-loved fashion reveals positive growth in second-hand retailing and sustainable fashion, driven mainly by Gen Z and Millennials.
Blending data from its global platform with market insights and international consumer trends, Vestiaire Collective‘s first ever bi-annual fashion report ‘The Smart Side of Fashion’ shows that the company’s fastest growing category continues to be vintage clothing, with rising demand for vintage Jean-Paul Gaultier, Margiela and Balenciaga. On-site data shows that vintage Prada recorded a 40% quarterly increase in sales by volume.
According to the report, consumer shopping habits have also shifted, driven less by seasonal factors than practical ones; comfy casual wear and everyday garments are proving popular on the site. Loungewear and athleisure saw the largest increase in sales amid pandemic lockdowns, with sportswear giants Adidas and Nike leading the charge.
The report also reveals a mindset shift towards fashion brands with a strong sustainability mission. During its Sustainability Month, for instance, conscious brands like Stella McCartney, Marine Serre and Veja began trending on the site.
“This report offers a fascinating insight into the way the COVID-19 crisis has accelerated trends that were long overdue in the fashion industry, around what we really value and why,” said Vestiaire Collective co-founder Fanny Moizant in a press statement.
“The report really serves to underline this, demonstrating that consumers – particularly Millennials and Gen-Z – want to develop their own sense of style and their consumption habits in new ways, breaking with traditions like fast fashion, and establishing new ways of thinking about buying and selling their clothes.”
Built during the 2008 financial crisis and launched in Paris in October 2009, Vestiaire Collective now boasts nine million active members across 90 countries who buy and sell clothing and accessories on its e-commerce platform. With rising backlash against fast fashion and Gen-Z’s embrace of the second-hand fashion revolution, the company successfully raised $64.2 million (€59 million) in venture capital funding in April. According to technology-focussed publisher TechCrunch, over the company’s 11-year history, it has raised €209 million in total.
“I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop,” said Vestiaire Collective’s CEO Max Bittner in a media release.
Related Post: The Future of Second-Hand Shopping After Coronavirus
While retail sales have been hampered by the COVID-19 crisis worldwide, consumers are still buying fashion – albeit, more intentionally. Instead of impulse buying, members are opting for investment pieces. Second-hand goods from luxury brands such as Louis Vuitton, Dior, Fendi and Celine are proving popular with Vestiaire community members.
To help ride the wave of economic uncertainty caused by COVID-19, members are selling unwanted clothing and accessories to raise additional funds. Over 60,000 items are listed for sale by its community of sellers every week.
The Smart Side of Fashion report echos the findings of the recently published 2020 Resale Report which revealed that the online resale market is booming despite the COVID-19 crisis.
To download the report, click here.
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All images via Vestiaire Collective.