Thanks, Marie Kondo! The resale market is becoming bigger than fast fashion

Marie Kondo inspired us to throw away all our non-joyous items, sparking what’s now a booming resale apparel market. So just how big is the industry capitalizing on secondhand goods? Fashion resale destination site thredUp reveals it’s a $24 billion market, projected to double to $51 billion by 2024. The 2019 thredUp Resale Report , in conjunction with GlobalData, analyzed the trends and drivers pushing this revitalized sector. Researchers found that 56 million women bought secondhand products in 2018, an increase of 12 million new secondhand shoppers from the year prior. And they’re not done yet: 51% of resale shoppers plan to spend even more on thrift in the next five years. “The last few years of growth in resale have been driven by early adopters, but now skeptics are coming around in droves,” James Reinhart, founder and CEO of thredUP, said in a press statement. “The ‘resale customer’ is no longer a niche group–it’s everyone.” ThredUp reports that increased growth can be credited to millennials and gen-Z, who adopt secondhand items 2.5 times faster than the average consumer. This is partially because they prefer to wear the latest styles, meaning last season’s fads get quickly deposited through the […]

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