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In 2024, resale is mainstream, and according to ThredUp’s 12th annual resale report, it shows no signs of slowing down.
Globally, the secondhand apparel market is estimated to reach $350 billion by 2028, and last year, the US market outpaced the broader retail market by 7x and is anticipated to hit $73 billion in four years.
In what was first found in this report, younger shoppers prefer shopping secondhand online rather than in a store.
- A plurality of younger shoppers (45%) would rather buy secondhand online, as opposed to 38% who prefer brick and mortar.
- Almost 2 in 3 shoppers who shopped resale last year made at least one online purchase, which was 17 percentage points higher than 2022.
A big part of resale’s appeal is cost efficiency, particularly during a time when consumers are cash-strapped; nearly 75% of respondents said the value proposition is secondhand’s biggest appeal. Plus, 3 in 5 said resale gives them the best “bang for their buck.”
- Just over half (55%) said they’ll up their resale spending if the economy doesn’t get any better.
“Secondhand’s flexibility in meeting such varied needs is a key reason it’s become so popular and has such a promising growth trajectory,” Neil Saunders, managing director at GlobalData, said in a statement.