Secondhand clothing sales are on track to make up a tenth of the global fashion market next year, as the cost of living crisis and concerns over sustainability drives consumers towards “pre-loved” garments.

Global sales of pre-owned clothes surged by 18% last year to $197bn (£156bn) and are forecast to reach $350bn in 2028, according to a report by GlobalData for resale specialist ThredUp. The landmark is expected to be reached a year later than predicted, as global growth remains slightly behind previous estimates.

However, the US secondhand market grew seven times faster than overall fashion retail where sales were flat in 2023 from a year earlier.

The report found that more than half of all shoppers had bought something secondhand in the past year – although that rose to 65% of generation Z and millennials – those aged between 12 and 43. Almost two in five – 38% of consumers – said they shop secondhand to afford higher end brands.

For young people, the trend is being driven by the ease of digital secondhand shopping at sites such as Vinted and Depop, as well as ThredUp, with online resales expected to more than double in the next five years to reach $40bn.

Older shoppers are more likely to buy in physical stores such as charity shops and specialist boutiques. There is now greater availability of “pre-loved” on the high street as mainstream retailers from Selfridges to Primark experiment with hosting secondhand sellers.

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