thredUP Releases 6th Annual Resale Report
written by team thredUP
Today thredUP, the world’s largest online thrift and consignment store, released their 6th Annual Resale Report. This state-of-the-industry study is conducted annually in partnership with GlobalData, the third-party research and analytics firm, to examine the trends and trajectory of the $20B resale apparel market.
“There is a powerful transformation of the modern closet happening, and resale is part of the story,” said James Reinhart, CEO & Co-Founder of thredUP. “1 in 3 women shopped secondhand last year. As a company with a mission to bring thrift mainstream, we think that’s a big deal. This report is a chance to contextualize that growth, and get glimpse into the leading role resale will play in closets of the future.”
View the full report at thredUP.com/resale.
Report Highlights
The Resale Apparel Market is Big and Going Mainstream:
- The market is $20B today, and projected to reach $41B by 2022.
- 1 in 3 women shopped secondhand last year. An increase of 10 million women in 2017 alone.
- Thrift becomes a habit: thrifters project 40% of their closets will be used by 2022, up from 24% today.
- 71% of resale shoppers plan to spend more on secondhand in the next five years.
Meet the Closet of the Future. It’s Fun, Cheap & Green:
- Retailers who offer fun experiences (constant new arrivals, or treasure hunt) at low prices will gain ‘closet share.’
- These “Retail Disruptors” include: Resale, Subscription, Rental, Amazon, D2C & Off-price. These players will own nearly 50% of closets by 2027, up from 16% in 2007!
- Resale will be larger than Fast Fashion by 2027, and the Rental market will gain share as consumers re-think the eco-impact of apparel choices.
Millennials (and their Conflicting Habits) Drive Resale’s Growth:
- Millennials are the most wasteful yet eco-minded consumers. They discard clothing after only a few wears and shop impulsively. Yet, they are the most likely group to buy from environmentally conscious brands.
- Thrift gives millennials permission to shop guilt-free.
- 40% of all 18–25 year olds shopped resale in the past year, more than any age group under 45.
Thrift Offsets a Rampant Throwaway Culture & Paves the Way for a Circular Economy:
- Buying used extends the life of garments & reduces carbon, waste and water footprints by 73%.
- Go green for greener profits: 75% of consumers are more likely to buy from eco-friendly brands.
- Circular Economy pioneers, like Patagonia and Stella McCartney have partnered with resellers to power extended use of their goods.
thredUP Growth Highlights from the Report:
- thredUP carries 3X more apparel brands than Amazon (35K brands).
- thredUP sells 4X TJMaxx stores worth of items each day (30K items per day).
- thredUP recycled 17M items last year, and 52M in the past 5 years.
About thredUP
thredUP is the largest online marketplace for secondhand clothing, making buying and selling a cinch for millions of women across the globe. The company resells more than 35,000 brands across hundreds of categories at up to 90% off the original retail value. Headquartered in downtown San Francisco and backed by world-class investors, thredUP is reinventing the secondhand clothing industry and inspiring a new generation of consumers to think secondhand first.