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As consumers worldwide embrace sustainability and economic savviness, the secondhand market is booming globally, unlocking the potential for many related business initiatives.
According to consignment company ThredUp’s latest report, the global secondhand market is expected to double and reach US$350 billion by 2028. However, businesses venturing into the sector are challenged by the long-existing moral hazard caused by information asymmetry between sellers and buyers of products, which is further exacerbated by the rapid expansion of ecommerce.
Therefore, as the market grows, so do consumers’ concerns. GlobalData’s Secondhand Selling Market Overview reveals that the global secondhand market is constrained by concerns over the
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