“This year’s Resale Report, unlike any we’ve published, captures insights from two different worlds: pre- and post-COVID. The data reveals a reprioritization of consumers’ values, transforming how and from whom they shop. We hope this report sparks rich dialogue about the enduring consumer shifts underway and the forces fueling the future of resale.” Anthony S. Marino, thredUP President.
As the pandemia keeps hitting hard on businesses all across the globe, the online second hand market keeps soaring, bringing an opportunity to rethink consumer habits from the businesses and the individual perspective as well.
ThredUp, the world’s largest fashion resale marketplace, released in June their state-of-the-industry study conducted annually in partnership with GlobalData to examine the trends and trajectory of the resale apparel market.
This year, GlobalData also conducted COVID-19 market research and consumer surveying to uncover how an unprecedented global pandemic is impacting the resale industry.
Below are some of the key findings, for the full report please click here:
Online Thrifting is a Bright Spot in Broader Covid Retail Slump
With consumers seeking bargains from home, online secondhand is set to grow 69% between 2019 and 2021, while the broader retail sector is projected to shrink 15%.
Shoppers Plan to Shift More Spend to Secondhand Than Any Other Channel in Next 5 Years
Where shoppers plan to spend more or less money in the next five years.
Resale Market is Massive, and It’s Just Getting Started
82% of America hasn’t yet resold clothing, but most consumers are open to doing so.
Resale Helps Solve Fashion Waste Crisis
Throwaway fashion culture is depleting natural resources and overfilling landfills. The single best thing we can do is consume less and reuse more.
Thrift Offsets Wastefulness of Single-Use Fashion
Number of outfits for each occasion that shoppers only wore once.
Investors Get Serious About Sustainable Brands
Investors consider ESG investing—managing money according to environmental, social, and governance factors—both profitable and beneficial to society.
The thredUP’s Annual Resale Report contains research and data from GlobalData, a third-party retail analytics firm.
GlobalData’s assessment of the secondhand market is determined through consumer surveys, retailer tracking, official public data, data sharing, store observation, and secondary sources. These inputs are used by analysts to model and calculate market sizes, channel sizes, and market shares.
For the purpose of this report, GlobalData conducted a January 2020 survey of 3,500 American women over 18, asking specific questions about their behaviors and preferences for secondhand.
Covid Update: All market numbers were reforecasted in April 2020 to more accurately reflect the current situation, and are included throughout the report. GlobalData ran a post-Covid consumer survey in April 2020 to better understand how recent events have shifted consumer sentiment and behaviors.