Secondhand apparel sales are expected to reach US $ 77 billion in next 5 years – that’s what a survey conducted by secondhand clothing site ThredUp showed.
And the numbers in all probability could come true!
With large number of younger consumers preferring used clothes and pandemic too forcing lot of people to opt for the same, retailers are fast getting attracted to secondhand apparel sales.
The survey distinctly showed that 42 per cent retailers agreed that used apparels will be an important part of their business. 60 per cent have been offered or are open to resale.
62 per cent retail executives also said their customers are already buying secondhand apparels.
Another notable aspect from the survey was that logistics of apparel resale made 60 per cent of retailers say that partnership with used-clothing purveyor is the best way into market. 28 per cent said they’d prefer building from scratch.
Experts believe that retailers are now recognising this shift in consumer behaviour (opting for resale) and therefore are now looking to get into resale.
Pandemic too has had its role to play! Of the 33 million consumers who purchased secondhand apparels for the first time in 2020, 76 per cent said they plan to spend more on such clothes in the next five years. And all this encourages sustainability too!
As per ThredUp, 45 per cent of millennial and Gen Z shoppers say they won’t buy from unsustainable brands or retailers.
Founded in 2009, ThredUp has been successfully selling secondhand clothes online.
Also Read: ThredUp’s IPO could raise as much as US $ 168 million
