Mr Galloway said the second-hand clothing market"ticks a lot of boxes in terms of trends",including concerns over sustainability and the fact 30-year-olds have less disposable income than their parents did at the same age.
Business analyst IBISWorld estimates fast fashion was worth $2.1 billion in Australia in 2018. The sector is marked by cheap,often lower-quality clothing produced in as little as two weeks in response to trends for brands including H&M,Zara,Cotton On,Valleygirl,GAP and Topshop. In September,global fast-fashion labelForever 21 filed for bankruptcy in the US.
Earlier this year,a US report said the second-hand clothing market was worth $US24 billion ($35.5 billion) in the US in 2018,versus $US35 billion for fast fashion. By 2028 used clothing is set to grow to $US64 billion in the US,while fast fashion will only reach $US44 billion,with the trend mainly driven by Millennials and Generation Z.
Krupali Cescau,director of brand agency Amplify,said the second-hand clothing boom tapped into consumer trends for Generation Z in Australia.
Amplify commissioned a national survey of more than 2000 Australians aged 18 to 30,which found one in four are concerned about the environmental impact of the clothing they buy and one in five are worried about ethical issues such as sweatshop labour.
A federal government report says Australia produces 800,000 tonnes of textile,leather and rubber waste (excluding tyres) – 32.5 kilograms per person – every year.