Image Courtesy: thredup.com
The verdict is in, millennials and its younger siblings from the Gen-Z love ‘re-loved’ clothes.
In a recent report released by online thrift shop thredUP, the resale economy is thriving and its main patrons (41%) are in between the ages of 18-24. The study claims that the resale market currently values at US $ 20 billion and will reach US $ 41 billion by 2020.
More insights from the research reveal that 1 in 3 women shopped pre-owned clothes in 2017, making the number 44 million as compared to 35 million in 2016. Compared to basic retail, which is expected to grow at the rate of 2 %, the resale market is slated for a whopping 15% progression.
Currently, in the US market, the main players in reselling are thredUP, The RealReal and Poshmark with Rebagg, Deopop, Tradesy and Grailed following closely behind.
A surprising revelation from the study is the fact that 13% of thrift shoppers are millionaires and the more obvious expose is that 66% people opt for thrift to buy brands that are out of their affordability range.
The report’s results may come as a bit of a surprise to some as buying pre-owned has always had a stigma attached to it. Whereas shopping vintage is revered, thrift shopping was often seen as cheap, but times are changing. Some 70% of thredUP’s shoppers last year had never tried thrift shopping before and 50% have shifted from buying off-price to thrift.
The retailer added that resale doesn’t just offer the thrill of buying more new fashions at throwaway prices but also has the eco-conscious value of not adding waste to the environment.
Apart from the shoppers’ data, thredUP also unveiled the thrift shoppers’ favourite brands that are LulaRoe, Everlane, UGG, TOMS, and The North Face amongst others. The retailer added that brands like FRYE, Lululemon, Helmut Lang, Burberry and Gucci have the highest demand and earning value on their site. The worst brands to invest in being Giorgio Armani, Juicy Couture and Mango.
