Earlier this year, Pursebop reported on the rise of the vintage/second hand luxury industry in Far-East markets. Chinese consumers, particularly GenZ buyers, have developed a growing obsession for all things vintage. Rather than seek out the hottest new pieces, buyers are opting for products produced at least 10 years ago and in styles no longer available. It now seems that the ‘second-hand-sensation’ has spread.
This week, online retailer, Etsy, announced its acquisition of Depop, a second hand fashion app. The strategic buy is just another showcase of the gradual shift in consumer tastes and preferences, with Millenial and GenZ consumers continuing to dominate the apparel industry. The Business of Fashion highlights an interesting statistic in their latest read, courtesy of Global Data. The research firm states that by 2023, the global resale market is estimated to be valued at approximately $51 billion. With this valuation coming to fruition within the next 24 months, other brands and retailers are hoping to capitalise on the burgeoning interest global shoppers are expressing in second hand fashion.
Etsy’s current demographic is slightly older than that of Depop, which is dominated by young shoppers. In fact, the majority of Depop customers fall in the 25-20 age group. Moreover, a quick browse of each website showcases just what makes these entities so distinct. Etsy has traditionally been a marketplace for handmade and vintage goods, while Depop is a peer-to-peer fashion destination. With this acquisition, vintage and style lovers alike will patiently anticipate the result of this crossroad- where second hand resale and vintage style collide.
What do you think of this deal? Do you think it will allow both brands to benefit off the increasing second hand vintage trend? Have your say below…
Image Courtesy: Etsy, Depop, Charged Retail UK
- Shirin posted 3 years ago
- last edited 3 years ago
