Resale is thriving in the pandemic

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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.

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Resale market expected to be valued at $64 billion in 5 years, as used clothing takes over closets

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A ThredUp warehouse.

KEY POINTS

  • The secondhand apparel market is valued at about $28 billion today and is forecast to reach $64 billion within the five years, according to a new report by ThredUp and GlobalData Retail.
  • “Resale is here to stay,” said ThredUp co-founder and CEO James Reinhart. “The next question is who wins and who loses.”

Despite the coronavirus pandemic upending much of the retail industry and putting a damper on apparel sales, the secondhand clothing market is expected to boom, according to one online resale marketplace.

The secondhand apparel market is valued at about $28 billion today and is forecast to reach $64 billion within five years, ThredUp said in its annual report, which is completed in a partnership with the third-party research firm GlobalData Retail.

It said the resale market grew 25 times faster than the overall retail market last year, with an estimated 64 million people buying secondhand products in 2019.

Continue reading… “Resale market expected to be valued at $64 billion in 5 years, as used clothing takes over closets”

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