Resale Report 2020 by ThreadUp
Resale is good for the planet as it helps to solve the waste crisis. Shoppers plan to shift sore spend to secondhand than any other channel in next 5 years. Secondhand expected to double market share in 10 years.
Photo: ThreadUp Report 2020.
This year’s Resale Report captures insights from two different consumer worlds: pre- and post-Covid.
“Secondhand Market Set to Hit $64B in the Next 5 Years.”
There are more secondhand shoppers than ever before. 70% of women have or are open to shopping secondhand. 62M women bought secondhand products in 2019, up from 56M in 2018.
“50% of people are cleaning out their closets more than they were pre-Covid.”
What to expect?
Resale market is massive. 82% of America hasn’t yet resold clothing, but most consumers are open to doing so. The top reasons why people sell their clothes are: (1) to make extra cash, (2) do good for the environment, (3) make money to buy more clothes and (4) make room in their closet.
Consumers now feel proud to shop secondhand. Young shoppers are adopting secondhand fashion faster than any other age group.
“Nearly 2.5X more consumers plan to shift their spend to sustainable brands..”
70% of all consumers agree that addressing climate change is more important now than ever. 73% of people plan to support brands who contributed positively to those in need during Covid.
Click here to read the full Resale Report by ThreadUp, 2020.