A New Version of Thrifting

The Rise of The Online SecondHand Market

The secondhand market is steadily growing and evolving. According to Positive News Magazine, the secondhand fashion market is projected to surpass the fast fashion industry by 2029. Shopping resale is nothing new, although evolving customer values and increased accessibility certainly play a role in its growing popularity. The secondhand fashion customer base includes all age groups. ThredUp reports that Millennials and Baby Boomers make up the largest percentage of the market.

Secondhand market breakdown:

Gen Z (18-24): 16%

Millennials (25-37): 33%

Gen X (38-55): 20%

Baby Boomers (56-65+): 31%

(According to the 2019 ThredUp Resale Report)

Whether shopping in physical thrift stores or on digital platforms, shopping secondhand is favorable in many aspects. Not only are there financial motives, but shopping resale can simply be preference. There is a rewarding sense to finding a unique or rare piece that cannot be found elsewhere. Additionally, consumer awareness of ethical practices are increasing. According to the same ThredUp Report, 59% of consumers expect brands to demonstrate ethical and sustainable practices. With sustainability at the forefront of our minds today, thrifting has become a great option for consumers that care about sustainable and ethical practices. The secondhand market has earned the reputation of being rewarding, accessible, affordable, and ecofriendly. More and more shoppers are beginning to understand the allure of resale and want in on not only buying from others, but also selling their clothes to others. As a result of the lockdown period, consumers have gotten even more comfortable buying secondhand online. The transition to resale apps and websites is not a deterrent, in fact The New York Times reports that “online secondhand sellers are expected to increase by 40 million by 2027.”

Sources

https://www.ecotextile.com/2020062326253/fashion-retail-news/resale-to-overtake-fast-fashion-says-thredup-report.html

https://www.positive.news/society/secondhand-fashion-industry-is-booming-and-could-overtake-fast-fashion-research/#:~:text=According%20to%20the%20latest%20annual,Thredup%2C%20the%20market%20is%20booming.&text=Thredup%20suggests%20that%20the%20resale,to%20grow%20at%20this%20rate

https://www.nytimes.com/2020/07/29/style/secondhand-clothes-coronavirus-safety.html

https://www.thredup.com/resale/2019?tswc_redir=true