Today, we published our 2024 Resale Report in partnership with GlobalData Plc. In its 12th year, the report sizes the secondhand market and resale industry and provides insights on key trends driving the growth. After publishing the report for more than a decade, the most common question we get asked is, “What’s new this year?” Here’s what stands out:
1️⃣ For the first time ever, preference for buying secondhand apparel online is greater than buying in a physical shop. 45% of younger generations prefer to buy secondhand apparel online, compared to 38% who prefer to buy in a brick-and-mortar store.
2️⃣ Resale isn’t all about Gen Z. Thrifting transcends generations, but its appeal and purpose change throughout a shopper’s life.
3️⃣ Value is King. If the economy doesn’t improve, secondhand is expected to get a boost in spending. 60% of consumers say shopping secondhand apparel gives them the most bang for their buck.
4️⃣ Branded resale is making secondhand even more accessible to the masses. 163 brands now offer resale shops - up 31% year-over-year. Full Beauty Beauty Brands, ELOQUII, Modcloth, and Betabrand all announced new resale shops today with ThredUp’s Resale-as-a-Service.
5️⃣ Voters think the government should take legislative action to help promote circularity. 40% of consumers say they’re more likely to vote for a candidate that supports sustainable fashion.
For the latest trends in retail, resale, and sustainable fashion, read through this year’s report: thredup.com/resale
