The fashion resale market is exploding, growing 21 times faster than the retail market over the past three years, according to research from retail analytics firm GlobalData.
The data, gathered in the 2019 Resale Report from online thrift store thredUp, shows that more consumers are becoming environmentally conscious, often pushing them toward more affordable used items.
“Mass market or luxury, if people can find a high-quality product for much less, they’ll choose used,” wrote ThredUp co-founder and CEO James Reinhart in the report’s forward.
The secondhand economy—a $24 billion market as of 2018—is projected to grow to nearly 1.5 times the size of fast fashion (retailers with high turnaround and lower prices, like Zara and H&M) within the next 10 years, hitting a $64 billion evaluation, thredUp reports.
Within the next five years, the secondhand clothing market will double, says thredUP. This is primarily thanks to the resale sector, which often focuses on more high-end used items (think thredUp and Buffalo Exchange, as opposed to traditional thrift options like Goodwill, Salvation Army, and yard sales).
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