Vintage fashion is no longer a niche market confined to thrift store aficionados. It has become a booming global industry driven by sustainability, nostalgia, and unique style. Recent statistics show significant growth in the vintage fashion market, with second-hand clothing sales set to account for ten percent of the global fashion sales next year.
According to statistics published by resell specialist ThredUp, in 2023 the resale market experienced a growth 15 times faster than the broader retail clothing sector. Online marketplaces and dedicated vintage fashion platforms are expanding rapidly, catering to a growing audience of eco-conscious and style-savvy consumers.
John, owner of vintage store Vintage Velvet, saw the boom first-hand. “I’ve been here for ten years,” he said, “and in the last five years I have seen double the revenue and I see that growing more and more.”
He said the reason is that people are seeing the value in buying clothes that last: “You’ll probably find that if something made 20 years ago stood the test of time, it will probably last another 20 years.
“I think it’s much better than it is today. Fast fashion churns out crap.”
Another reason for the increased interest in vintage fashion is the cyclical nature of fashion, meaning old trends have started to return. “People keep coming back to this because it’s still very very stylish,” John points around his shop, “it’s all still very cool.”
Although according to John, his vintage shop’s success owes a lot to its location, Brick Lane Market. “I’ve talked to some people in the same game,” he said. “In smaller cities not in a complex like this. They’re just getting by.”
But it must be noted that 63 percent of consumers who bought secondhand in 2023 made a purchase online, up 17 points from 2022.
Most of the traffic is split among three major players, who have really benefited from the vintage boom. Amazon’s secondhand sales grew by 15 percent in the first nine months of 2023, while Vinted’s revenue was up by over 50 percent for 2022 and Depop reported an eight percent rise for the same period.
While the future of vintage fashion looks bright, with the global secondhand market projected to reach an estimated $350 billion by 2028 according to ThredUp, some issues are presenting themselves for smaller vendors.
According to a survey by vintage resell expert Depop, over half (53 percent) of shoppers say that they have been buying more secondhand clothes as a way of saving money in 2022, as the cost of living rises. On average, buying vintage is cheaper than buying new, Depop claims that shoppers could save up to 25 percent per item when shopping secondhand.
But as the sector grows, this is changing rapidly. “It’s getting more expensive to buy,” John said, “because when there’s more wholesalers getting involved, the more it pushes the price up, which means we have had to push up the price.” In some cases, buying vintage is becoming less affordable than before.
It’s unlikely though that this will have a major impact on the vintage clothing market and probable that the vintage trend will stand the test of time.
Pictures: Stock Images
Designs: Pius Bentgens