ThredUp’s 12th Annual Resale Report Reveals Resale Grew 15X Faster than Retail in 2023
27 Março 2024 - 7:00AM
Business Wire
New study finds 60% of consumers say shopping
secondhand apparel gives them the most bang for their buck; 55% say
they’ll spend more on secondhand if the economy doesn’t
improve.
Branded resale saw continued momentum in 2023,
with 31% year-over-year growth; 163 brands now offer resale
shops.
40% of voters say they’re more likely to vote
for a candidate that supports sustainable fashion in upcoming
elections.
ThredUp (Nasdaq: TDUP, LTSE: TDUP), one of the largest online
resale platforms for apparel, shoes, and accessories, today
released the results of its 2024 Resale Report. Conducted by
third-party retail analytics firm GlobalData, the 12th annual study
serves as the most comprehensive measure of the secondhand market
globally and in the U.S., with forward looking projections through
2033. It also includes new insights about trends driving online
resale’s growth, momentum in branded resale, and a special section
about the government’s role in reducing fashion’s impact and
potential implications for this year’s election. The report’s
findings are based on market sizing and growth estimates from
GlobalData; a survey of 3,654 U.S. consumers over the age of 18;
and a survey of 50 top U.S. fashion retailers and brands.
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“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.”
– James Reinhart, CEO, ThredUp
“With more than half of all consumers shopping for secondhand
apparel last year, it’s evident that resale is now firmly embedded
in the fashion landscape. Secondhand buying transcends generations,
with the role of resale changing throughout consumers’ lives.
Younger shoppers turn to secondhand for self-expression and to help
create their personal style; parents rely on secondhand to outfit
their families in a cost-effective and eco-conscious way; and older
generations turn to secondhand to snag affordable, higher-end
brands and for the thrill of the hunt. Secondhand’s flexibility in
meeting such varied needs is a key reason it’s become so popular
and has such a promising growth trajectory.” – Neil Saunders,
Managing Director, GlobalData
The top five trends from ThredUp’s 2024 Resale Report
include:
(all figures pertain to the U.S. unless otherwise noted)
The secondhand apparel market is outpacing the broader retail
sector at a notable clip. Online resale is seeing accelerated
growth.
- The global secondhand apparel market is projected to reach $350
billion by 2028, growing at a compound annual growth rate (CAGR) of
12%.
- The U.S. 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%.
Shoppers gravitate towards buying secondhand apparel online.
For the first time ever, younger generations prefer buying online
versus in a brick-and-mortar store.
- Nearly 2 in 3 consumers who made a secondhand apparel purchase
in 2023 made at least one purchase online - up 17 points from
2022.
- 45% of younger generations prefer to buy secondhand apparel
online, compared to 38% who prefer to buy in a brick-and-mortar
store.
Resale thrives in a value-seeking environment where shoppers
are buying on a deal.
- Nearly 3 in 4 consumers say when it comes to apparel spend,
value is king.
- 60% of consumers say shopping secondhand apparel gives them the
most bang for their buck.
- 55% of consumers say they’ll spend more on secondhand apparel
if the economy doesn’t improve.
Branded resale is booming. Retailers are generating revenue,
advancing sustainability goals, and acquiring new
customers.
- 163 brands now offer resale shops, according to ThredUp’s
Recommerce 100 - up 31% compared to 2022. New entrants in 2023
included J. Crew, American Eagle, and Kate Spade. FULLBEAUTY
Brands, ELOQUII, Modcloth, and Betabrand all announced new resale
programs powered by ThredUp’s Resale-as-a-ServiceⓇ (RaaSⓇ)
today.
- Nearly 2 in 3 retail executives who offer resale say it will
generate at least 10% of the company’s total revenue within five
years.
- 87% of retail executives who offer resale say it’s advanced
their sustainability goals.
- 38% of consumers say they shop secondhand to afford higher-end
brands - up 11 points from 2022.
Government action could accelerate the transition to a more
sustainable future for fashion. Voters say they’ll favor candidates
who support circularity.
- 42% of consumers say the government should take legislative
action to help promote sustainable fashion.
- 40% of consumers say they’re more likely to vote for a
candidate that supports sustainable fashion.
- 52% of retail executives say they’d adopt circular business
models if there were government-sponsored financial incentives for
doing so.
To see the 2024 Resale Report, visit thredup.com/resale.
About the 2024 Resale Report
ThredUp’s annual Resale Report contains research and data from
GlobalData, a third-party retail analytics firm. GlobalData’s
assessment of the secondhand market is determined through consumer
surveys, retailer tracking, official public data, data sharing,
store observation, and secondary sources. These inputs are used by
analysts to model and calculate market sizes, channel sizes, and
market shares. Further, for the purpose of this report, GlobalData
conducted a December 2023 survey of 3,654 American adults over 18,
asking specific questions about their behaviors and preferences for
secondhand. GlobalData also surveyed the top 50 U.S. fashion
retailers and brands in December 2023 to gather their opinions on
resale. In addition, ThredUp’s Resale Report also leverages data
from the following sources: ThredUp’s Recommerce 100 and internal
ThredUp customer and brand performance data.
About ThredUp
ThredUp is transforming resale with technology and a mission to
inspire the world to think secondhand first. By making it easy to
buy and sell secondhand, ThredUp has become one of the world's
largest online resale platforms for apparel, shoes and accessories.
Sellers love ThredUp because we make it easy to clean out their
closets and unlock value for themselves or for the charity of their
choice while doing good for the planet. Buyers love shopping value,
premium and luxury brands all in one place, at up to 90% off
estimated retail price. Our proprietary operating platform is the
foundation for our managed marketplace and consists of distributed
processing infrastructure, proprietary software and systems and
data science expertise. With ThredUp’s Resale-as-a-Service, some of
the world's leading brands and retailers are leveraging our
platform to deliver customizable, scalable resale experiences to
their customers. ThredUp has processed over 172 million unique
secondhand items from 55,000 brands across 100 categories. By
extending the life cycle of clothing, ThredUp is changing the way
consumers shop and ushering in a more sustainable future for the
fashion industry.
Forward-Looking Statements
This release contains forward-looking statements.
Forward-looking statements include all statements that are not
historical facts. The words "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," "predict" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are subject to a number of risks,
uncertainties and assumptions. Except as required by law, ThredUp
has no obligation to update any of these forward-looking statements
to conform these statements to actual results or revised
expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240327870684/en/
Media Contact Christina Berger media@thredup.com
Investor Relations Contact Lauren Frasch
ir@thredup.com
Resale-as-a-Service Contact Ann Starodaj
raas@thredup.com
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