Since the pandemic began, the fashion industry has taken a hit. Retail giants have filed for bankruptcy, independent brands have closed, and brick-and-mortar stores, if they haven’t shut their doors, are still financially recovering from the months they were forced to stay closed during the lockdown. One of the few areas that has seen growth during this time, though, is the resale industry.
Online consignment platforms and secondhand retailers had already been seeing promising signs in the last few years. According to thredUP’s 2020 Resale Report, resale grew 25 times faster than retail in 2019, with 62M women buying secondhand products in 2019, compared to 56M in 2018 and 44M in 2017. The pandemic did not slow this growth.