ThredUp’s 12th Annual Resale Report Reveals Resale Grew 15X Faster than Retail in 2023 - Seite 2

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.