- Secondhand market slows down - luxury boom
The secondhand market, according to the German Retail Association, grew slightly less than expected last year. The sales growth in the secondhand market was estimated to be around two percent in 2023, based on revised figures, the HDE announced. Initially, the association had predicted an increase of eight percent. The lower growth was attributed to a challenging consumer environment and a weaker overall development in online retail. For the current year, the HDE expects a growth of three percent.
Meanwhile, the trade in used luxury goods is expected to grow disproportionately, according to economists. "This also reaches customer segments who cannot or do not want to afford new items," said Christian Wulff of the auditing and consulting firm PwC.
Occasionally, designer pieces can also be found in the new branch of the secondhand chain Picknweight in Stuttgart's city center. The business hardly resembles a thrift store anymore. "We buy our merchandise, which means we can't offer prices comparable to those of charity shops," said Claudia Bolufer, a spokesperson for the chain. The concept seems to be working, with a twelfth branch recently opened in Heidelberg, in addition to Stuttgart.
The chain does not provide sales figures. "We are pleased with the consistently positive development of our company, which can be attributed to the increasing demand for sustainable fashion and the general trend towards secondhand clothing," said the spokesperson. The branch network is set to be expanded in the coming years.
In contrast to the overall retail trade, the German Retail Association reported a slight underperformance in the secondhand market last year. Despite the lower-than-expected growth, the new branch of the secondhand chain Picknweight in Stuttgart's city center has seen success, indicating that the retail trade in used clothing is still thriving.
