© thredUP (used with permission) The industry is booming and could overtake fast fashion, according to thredUP’s annual resale report. Secondhand clothing retailer thredUP has just released its annual fashion resale report , and the market is booming. thredUP reports that, over the past three years, resale has grown 21 times faster than apparel retail. The secondhand market, currently worth $24 billion, is expected to reach $51 billion in five years. Growing numbers of shoppers are willing to buy secondhand as the stigma associated with used clothing disappears. Millennials and boomers do the most secondhand shopping, but Gen Z’ers (18-24) are the fastest-adopting group. More than 1 in 3 Gen Z’ers will buy secondhand clothing in 2019. Overall, 64 percent of women say they’re willing to buy used apparel, shoes, and accessories, compared to 45 percent in 2016. Most exciting is that this exploding market is stealing revenue from fast fashion, an industry that is notoriously unsustainable. In fact, thredUP suggests that the resale market will overtake fast fashion if it continues to grow at this rate. © thredUP (used with permission) The report reveals a curious shift in perceptions of ownership, and how shoppers are thinking about clothes […]

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