Bartlett says: “There has been research around this point where second-hand is bigger than fast fashion, and I think that’ll be around 2028 to 2029, based on the current rate of growth. That’ll be a really exciting day to see second-hand surpass even fast fashion.”
The economic situation and the environment are both playing a part in its rise.
“It’s a really tough economic climate out there and naturally people just want to be smarter and a bit craftier with how they spend money and buying second-hand is one of those ways you can do that,” Bartlett says. “And then also, people are just far more aware of the environmental impact of fashion as a whole on the planet. Textile waste is the second biggest contributor to carbon dioxide emissions in the world.”
While resale prices vary, Bartlett says, “what we typically see on average is an item will sell for roughly 50% of the original purchase price”.
Some Designer Wardrobe members are extracting serious value from their clothing collections, with one seller making $35,000.
There are a few tricks to ensure you extract maximum value from your unused threads. “A great photo makes a big difference, especially good lighting. If you can take the photo with the item on, that certainly helps a lot and also just helps not get so many questions,” he says.
Designer Wardrobe has also launched an AI-enabled tool to make listing and selling more seamless.
And forget hiding the origin of your second-hand threads. “Over the past couple of years, it’s gone from being this little secret to actually like a badge of honour. Like, ‘hey, I bought this second-hand’ and it’s a conversation piece,” Bartlett says.
Listen to the full episode of The Prosperity Project for more
The podcast is hosted by Nadine Higgins, an experienced broadcaster and a financial adviser at Enable Me.
You can follow the podcast at iHeartRadio, Apple Podcasts, Spotify, or wherever you get your podcasts. New episodes are released every Monday.
