The multibillion-pound marketplace for thrift, preloved, retro or vintage clothes is booming online. The trend is partly driven by a cost of living squeeze, but also by an increasing awareness of the importance of sustainable spending. US-based recommerce site ThredUp has predicted that the global clothes resale market will almost double to $350bn by 2027. The launch in 2023 of eBay’s ‘certified by brand’ program reflects the trend of luxury brands increasing their offerings in the secondary market for top-end goods.
Meanwhile, Amazon partnered with Barnado’s, the children’s charity, to counter surging online sales of used goods, now worth approximately £1 billion ($1.26bn) every year to the company in Europe and the UK. Otherwise, Amazon has seen 15% YoY growth in secondhand sales. Similarly, Vinted’s annual revenue rose over 50% in 2022, while Depop reported an 8% increase over the same period.
This trend is set to continue long-term, with the ethical rather than simply financial need to purchase secondhand driving sales. BRC economist Harvir Dhillon said consumers are particularly price-sensitive at present, so secondhand goods offer the opportunity to purchase quality items at more affordable prices, while also helping to ensure sustainability in the retail sector.
Worn by Us founder Nicola Gleave indicated that the demographic of thrift shoppers has broadened. “It was always a Gen Z thing, but it’s broadened out significantly,” Gleave said. “It’s across the age ranges now and we see a lot more men buying too. People wanting to make money out of their wardrobes has brought a quality and diversity to the market and opened up a whole new audience.”
The boom is reflected in the fact that eBay searches for used furniture are growing 140% YoY, while 64% of Gen Zers now engage in secondhand shopping before opting for new items
Read the full article on Positive News here: Read More