The fashion resale market is growing 21 times faster than the retail market over the past three years, according to research from retail analytics firm GlobalData. thredUP says that more consumers are becoming environmentally conscious. Let’s find out more about it.
“Mass market or luxury, if people can find a high-quality product for much less, they’ll choose used,” wrote ThredUp co-founder and CEO James Reinhart in the report’s forward.
Within the next five years, the secondhand clothing market will double, says thredUP. This is happening thanks to the resale sector, which often focuses on more high-end used items (thredUp and Buffalo Exchange, as opposed to Goodwill, Salvation Army, and yard sales).
According to the report, 72% of consumers prefer to buy from environmentally-friendly brands and 60% would increase loyalty to a brand if a recycling program was offered. thredUp reports that 9 in 10 retail execs say they want to get into resale by 2020. Overall, people are buying twice as much clothing and using it half as long, but the data shows more people are making the switch to resale: 72% of secondhand shoppers shifted away from traditional retailers to buy more used items in 2019, says thredUP.
Read here more about the situation.
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