70% of consumers would now shop secondhand as resale market set to hit $64bn by 2025

The resale clothing market is set to more than double to $64 billion in the next five years as more shoppers are willing to buy second hand.

Over two thirds (70 per cent) of consumers now say they are willing to buy clothing secondhand, according to the 2020 Resale Report from GlobalData and ThredUp.

The resale market grew 25 times faster than the wider retail market last year, seeing 64 million shoppers make a secondhand purchase.

READ MORE: Walmart makes landmark move into fashion resale with ThredUp partnership

According to the report, the pandemic has accelerated this shift as consumers stuck at home clean out their wardrobes.

ThredUp, which has partnered with a number of key retailers including Macy’s, Gap, and Abercrombie & Fitch, says it has seen record site visits throughout may, with each customer spending 37 per cent more time on site than pre-lockdown levels.

From 2019 to 2021 the market is expected to have grow 69 per cent, while 80 per cent of consumers say they’d shop secondhand if money was tight, and a further 79 per cent stating they plan to cut their fashion budgets over the next year.

Click here to sign up to Charged‘s free daily email newsletter

IndustrySustainable Tech

RELATED POSTS

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.

Menu

SUBSCRIBE TO OUR NEWSLETTER

Sign up to our daily newsletter to get all the latest retail tech news and insights direct to your inbox.

  • This field is for validation purposes and should be left unchanged.