The fashion resale market shows explosive growth
Venture Capital firms invested over $100 million in the online consignment industry last year, validating a shift in consumer purchasing behavior and an evolving retail landscape. Some retailers have already incorporated resale or recycling into their business model, while other brands are piloting programs with resale startups that encourage customers to practice sustainable consumption habits.
Consumers are shopping and spending smarter
The availability of great quality secondhand apparel has convinced consumers to purchase like-new items for everything from wardrobe staples to holiday gifts. A 2014 study found that one in four parents would dress their child in secondhand clothes on the first day of school, and 56% of Americans would buy holiday gifts secondhand. More Americans will visit a resale store than an outlet mall this year.
But it's not all about shopping
We're experiencing a societal shift toward less ownership (cars and homes, for example). The art of decluttering and doing more with less is an increasingly common theme in American households.
A study of middle-class families in Los Angeles reported just one in four families could fit a car in their garage! In general, Americans bring far more into their homes than they remove.
Japanese author Marie Kondo is making headlines all over the world for her New York Times best seller The Life-Changing Magic of Tidying Up. Americans are passionately following her advice to prioritize satisfying life experiences over acquiring more stuff.
thredUP's Third Annual Resale Report takes an in-depth look at the current state of the fashion resale industry, specifically:
- Its environmental impact
- Cities leading the resale trend
- Secondhand brand data
- Consumer savings opportunity