Resale app usage skyrockets over 100% thanks to savvy young users
Nearly a quarter of 18 to 24-year-olds have sold clothes via resale apps as usage of platforms like Depop and Vinted skyrockets.
According to new research from the Fashion Retail Academy, resale apps are replacing traditional methods of flogging second-hand clothes, seeing usage rise 113 per cent over the last five years, while numbers of those selling at car boot sales have dropped 31.4 per cent.
The research also suggests that young British shoppers are the thriftiest age group, with 22.8 per cent of adults under 24 using resale apps, compared to 18.4 per cent of 25 to 34-year-olds and just 6.8 per cent of 35 to 44-year-olds.
Furthermore around 11.9 per cent of young adults have sold their unwanted clothes to their friends.
“This study highlights the ongoing move to a more digital world, with Britain’s youngest generation leading the way,” the Fashion Retail Academy’s principal Lee Lucas said.
“The sheer choice of fashion resale apps like Depop, Vinted, eBay, Facebook Marketplace, and others, demonstrates the strength of demand for simpler ways of converting unwanted items into cash.
“Convenience is king, and we expect the rapid growth of resale apps to accelerate as digital natives come to dominate every economically active demographic.”
This comes as resale apps continue to attract major investment, with Depop announcing earlier this month that it has secured a further $62 million (£48 million) in a Series C funding round, allowing it to expand into the US market.
The second-hand fashion marketplace app, which currently boasts over 13 million users and posted gross merchandise volumes of $230 million (£163.1 million) in 2017, said the latest funding round was led by US fund General Atlantic, with investment also coming from Balderton Capital and Octopus Ventures.