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.
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.