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One of the most intriguing statistics from the recently released ThredUp 2024 Resale report is that by 2028, new secondhand shoppers will make up 65% of incremental secondhand spending! But how do we get these new shoppers to participate in resale, and why aren't they already buying secondhand today? According to various research studies, the primary barriers preventing people from engaging in secondhand clothing sales include: 🤔 Concerns about the perceived quality of items 👗 Lack of "fashionable" styles 🧼 A general mistrust in the state of an item from an untrusted stranger (Is it clean? Does it smell?) The influx of low-quality and fast fashion has only worsened these challenges. As highlighted in the NY Times, the rise in low-quality items on resale platforms and thrift stores makes it difficult for long-time secondhand shoppers to find high-quality garments. Now is the time to eliminate these barriers so we can accelerate circularity. At Lucky Sweater, we're leading this effort by building a platform of trusted online community spaces for buying, selling, and trading (what you wish your Facebook b/s/t groups wish they could be). Here, individuals with shared passions and curated styles can build trust by exchanging advice, inspiration, and high-quality items they love. Think Reddit for commerce. If you're interested in discussing how we can accelerate circularity and ensure we meet the projections outlined in these reports to capture the 65% of new secondhand shoppers, feel free to reach out! Let's make sustainable fashion the norm. 💚✨ Sources: https://lnkd.in/eVisFGqS https://lnkd.in/ebzfNGUz https://lnkd.in/eV72bWsP  https://lnkd.in/etRKpDqE

The moment everyone has been waiting for is here…. Well maybe not everyone, but I do look forward to the annual ThredUp resale report, which just got released 🤩 Some stats I founded particularly interesting related to the rapidly growing resale space: The headline stat: 🌍 The global secondhand fashion market will reach £280+ billion within 4 years, growing 3X faster than overall global fashion market 📈 Resale grew 15X faster than the broader retail clothing sector last year. 🤯 An incredible 2 in 5 fashion items bought in the last 12-months were secondhand. 💸 Consumers spent nearly half of their fashion budget on secondhand in the last 12-months. 📱 Online resale is driving growth, growing 23% last year and will account for half of all secondhand spend by next year. See the report here: https://lnkd.in/eqrYtYuY Tomorrow I’ll share some stats on the growth of branded resale. Try to contain your excitement and sit tight!

🟧 ThredUp Resale Report The global #secondhand #apparel market continues to burgeon—a testament to the #intrinsic #value shoppers find in the #secondhand experience and proof of the seismic shift towards a more #circular #fashion ecosystem. As we celebrate this progress, we also recognize the powerful role the government can play in accelerating the transition to a more sustainable future for fashion. Now in its 12th year, the Resale Report shows some of the #most #promising signals of what that future could look like with increased levels of support. Until fashion is no longer one of the most damaging sectors of the global economy, we will continue to advocate for the government to help drive adoption and behavior change in fashion. We hope you enjoy this year’s findings and join us on our mission to #inspire the world to think secondhand first. – James Reinhart, ThredUp CEO TY: Tony Moroney #secondhand #fashionindustry #fashionwaste #fashionhouses #circularfashion #recycling #upcycling #resale #customers #cx #shopping #shoppinghabits #customerexperience #profits #customerexperience #resale #sdgs #decarbonization #zerocarbon #environment #climatechange #resale #businessmodel #business https://lnkd.in/e9fgAcfF

Did you know the global secondhand fashion market is expected to nearly double from what it is now to $350B by 2027? According to ThredUp's 11th annual resale report, 75% of US consumers have shopped or are willing to shop secondhand. That number only continues to grow as Gen-Zers become more aware and sick of fast-fashion waste and begin to elect for more timeless and sustainable looks. And with Gen-Z already driving e-commerce, the online resale market is expected to grow 21% each year over the next 5 years! Now as a brand owner I'd ask you, "are you comfortable with letting thousands of $$$ in potential revenue go to third-party marketplaces like Facebook, Poshmark, or even worse, the landfill?" 🗑️ If not, start taking a look at #brandedresale and the #circulareconomy for yourself here - https://lnkd.in/g3Uen-aC ♻️

ThredUp's Resale Report 2024 is out there and here are some key learnings: - Resale grew 15X faster than the broader retail clothing sector in 2023. - Resale will more than double by 2028, growing 6.4X faster than the broader retail clothing sector and representing a CAGR of 17%. - Resale is expected to more than double its market share over the next 10 years, growing at a CAGR of 11% and gaining the largest volume of share of any distribution channel by 2033. - Online resale will account for half of all secondhand spend by 2025. #circularity #circularfashion #resale

ThredUp, a prominent player in the resale industry, has released its 12th annual Resale Report, shedding light on the robust expansion and evolving trends within the secondhand fashion market. The report underscores the burgeoning significance of resale in the retail landscape and suggests that governmental intervention could expedite the shift towards a more sustainable future for fashion. James Reinhart, ThredUp Here are the top 10 insights gleaned from the report:

The Rise of #VintageFashion: A Closer Look at the Market Size and Emerging Trends According to a 2023 report by thredUP, a US online secondhand store, the 🥈 secondhand apparel market showed growth, expanding 28% in 2022 alone, reaching $177 billion. 🛒 The projections are even more astonishing, with an expected growth of 183% by 2026, increasing the market size to $324 billion worldwide. In essence: 📈 The secondhand market grows 3x faster than the overall apparel market, indicating a significant shift in consumer behavior and preferences 👗In France, 20% of online clothing sales are attributed to secondhand platforms 💶 This trend presents a great opportunity for potential waste reduction and money savings thanks to reuse of fashion pieces. Given that fashion stands out as the third most polluting industry after food and construction, Gen Z consumers are particularly drawn to secondhand shopping for its sustainability benefits.

Resale Market is growing more than expected, here are the details: In 2024, resale is very popular, and ThredUp’s 12th annual resale report shows that it's not slowing down. The global secondhand clothing market is expected to reach $350 billion by 2028. Last year, the US market grew 7 times faster than the overall retail market and is projected to reach $73 billion in four years.The report reveals that younger shoppers prefer buying secondhand items online rather than in physical stores. 45% of younger shoppers prefer online secondhand shopping, while 38% prefer shopping in brick-and-mortar stores. Nearly 2 out of 3 shoppers who bought secondhand items last year made at least one online purchase, which is 17 percentage points higher than in 2022.Cost efficiency is a major draw for resale, especially during financially challenging times. About 75% of respondents find the value proposition of secondhand items most appealing, with 3 out of 5 saying resale offers the best value for their money. Over half (55%) of respondents mentioned they would increase their spending on resale if the economy doesn't improve. Neil Saunders, the managing director at GlobalData, highlighted that the flexibility of secondhand items in meeting diverse needs is a key factor driving its popularity and promising growth. Sources: Satista, ThreadUp, GlobalData https://lnkd.in/dzHEUZwy

ThredUp’s annual resale report has become a State of the Union for the thrifting market. The twelfth edition has just been released. Here are some of the key findings: 💵 The global secondhand apparel market is projected to reach $350 billion by 2028, growing at a compound annual growth rate (CAGR) of 12%. 🇺🇸 The US secondhand apparel market grew 7 times faster than the broader retail clothing market in 2023. It’s expected to reach $73 billion by 2028. 📱Online resale is expected to more than double in the next 5 years, reaching $40 billion by 2028 and growing at a CAGR of 17%. 👖60% of consumers say shopping secondhand apparel gives them the most bang for their buck. ♻️ 87% of retail executives who offer resale say it’s advanced their sustainability goals. 👩🏽⚖️ 42% of consumers say the government should take legislative action to help promote sustainable fashion. Our team at GlobalData Plc have loved working on this report with thredUP for many years. The growth and development of the resale market has been phenomenal! Link to full report in the comments. #resale #secondhand #apparel #thrifting #retail #retailnews #thredUP

Evri's latest report, marking its 50th anniversary, highlights the evolution of UK fashion and retail over the past five decades, noting how trends have reflected societal changes, from the bohemian styles of the 1970s to today's sustainable and cyclical fashion choices. The report reveals that fashion and footwear remain key spending priorities despite rising living costs, with price, vouchers, word of mouth, and social media as top influences on purchasing decisions. It also highlights changing shopping habits, with Brits frequently visiting high streets and shopping online, often using stores to try before buying online, and returning a notable portion of online purchases. https://lnkd.in/ee-vk5rF