The 2024 Resale Report released by ThredUp reveals several key insights into the growing popularity of secondhand apparel:
1. Increasing Adoption Across Generations: More than half of all consumers purchased secondhand apparel last year, indicating a growing acceptance of secondhand shopping across different age groups.
2. Projected Market Growth: The secondhand apparel market is expected to reach an estimated worth of $350 billion worldwide by 2028, surpassing the growth of the traditional retail sector.
3. Online Resale Boom: The online resale market is projected to more than double over the next five years, driven by factors such as convenience and access to unique items.
4. Focus on Value and Sustainability: Consumers prioritize value when making purchases, with many believing that secondhand apparel offers the most value for their money. Sustainability is also a significant consideration, with consumers viewing secondhand shopping as a way to support eco-friendly practices in the fashion industry.
5. Influence on Fashion Industry Practices: Consumers have the potential to accelerate the fashion industry's transition toward more sustainable practices. A significant percentage of consumers believe in implementing regulations to encourage sustainable fashion, and many are more likely to support candidates who advocate for circular brands.
6. Growth of Branded Resale Market: The branded resale market is experiencing significant growth, making higher-end brands more accessible to consumers. Several retailers, including H&M, Kate Spade, and Journeys, have introduced resale programs to meet consumer demand.
7. Future Outlook: The Resale Report highlights promising signals for the future of the fashion industry, with increased support for sustainable practices and continued growth in the secondhand market. ThredUp CEO James Reinhart emphasizes the importance of government support in driving adoption and behavior change in fashion.
Overall, secondhand shopping's flexibility in meeting diverse consumer needs has contributed to its popularity and promising growth trajectory in the retail industry.
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