Thredup, an online resale platform, has issued its tenth Resale Report, claiming that secondhand is becoming a “global phenomenon,” driven by North America, with the US secondhand industry expected to more than quadruple to US$82 billion by 2026.
ThredUp says its ‘2022 Resale Report,’ performed by third-party retail analytics firm GlobalData, is the most complete evaluation of the secondhand industry and covers the worldwide market size for the first time.
It also provides fresh insights into the fundamental market drivers, why customers are considering secondhand first, and the increase of branded re-commerce among merchants. In addition, the report contains a one-time special section on the impact of inflation on consumers, as well as a ten-year anniversary lookback on the last decade in resale.
James Reinhart, Thredup CEO and co-founder, said that marketplaces dominated the previous 10 years of resale, but brands and retailers are driving the next wave of secondhand. They’re still in the early stages of this movement, but the increase in resale adoption is a fantastic indicator with significant environmental advantages. This year’s research demonstrates that they can pioneer a more sustainable future for the fashion industry with the collective power of conscientious customers, second-hand marketplaces, and forward-thinking designers and retailers.
Neil Saunders, managing director, GlobalData, said that resale has emerged from the pandemic in an exceptionally good position. More customers are buying second-hand, growth has quickened, and conventional businesses’ interest has skyrocketed. The economic picture remains uncertain, but with inflation driving up clothes prices, it appears that more buyers are resorting to second-hand to stretch their budgets even further. These factors will ensure that resale remains a disruptive market force and a force for good in assisting consumers to purchase sustainably.