What: The second-hand economy is booming, with major brands like Ikea, Zara, and Lego entering the market alongside established platforms like Vinted and Depop.

Why it is important: This trend highlights a significant shift in consumer behaviour, particularly among younger generations, towards sustainability and cost-effectiveness, while also presenting challenges and opportunities for brands to innovate and adapt to a circular economy.

The second-hand market is experiencing rapid growth, driven by younger consumers' preferences for sustainable and affordable options. Major brands, including Ikea, Zara, and Lego, are joining the second-hand economy, launching platforms and services to capitalize on this trend. The global second-hand clothing market, for instance, has seen substantial growth and is projected to continue its upward trajectory. However, challenges remain, such as sourcing quality items, managing fraud, and ensuring profitability. Despite these hurdles, the second-hand economy offers brands an opportunity to connect with consumers and contribute to sustainability efforts by promoting a circular economy.

The relentless rise of second-hand economy