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.
