I feel like it’s Christmas
…because thredUP finally released their anticipated 2020 resale report! It was supposed to come out pre-COVID however their team took a pause just like the rest of the world.
thredUP is considered the leading online marketplace for secondhand clothing. They’re the first of their kind (when we think about scale, ease and efficiency) so their insights and sales figures are somewhat indicative to the larger acceptance of resold clothing.
Major Consumer Takeaways
- Young shoppers are adopting second hand fashion faster than any other age group. ILY Gen Z and what you have to say about shopping sustainably.
- Shoppers feel as guilty about buying fast fashion as they do about eating fast food.
Major Business Takeaways
- The total secondhand market is projected to grow to almost twice the size of fast fashion by 2029. Let’s all take a moment to celebrate this one…
- Retail executives are interested in testing resale to increase foot traffic, help the environment and appeal to a younger demographic. You might have already seen the program with thredUP & Abercrombie and Fitch to get giftcards ($) for used clothing.
- Top brands with the best overall resale value include Frye, Tory Burch and Kate Spade.
Major Environmental Takeaways
- If everyone wore a thrifted outfit to a wedding next year, it would save 1.6B lbs of CO2 emissions.
- 100 million items have been recirculated by thredUP keeping 1.74M lbs of CO2 out of our atmosphere.
- America’s thriftiest cities right now include Miami, Buffalo and New York City.