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One of the most intriguing statistics from the recently released ThredUp 2024 Resale report is that by 2028, new secondhand shoppers will make up 65% of incremental secondhand spending! But how do we get these new shoppers to participate in resale, and why aren't they already buying secondhand today? According to various research studies, the primary barriers preventing people from engaging in secondhand clothing sales include: 🤔 Concerns about the perceived quality of items 👗 Lack of "fashionable" styles 🧼 A general mistrust in the state of an item from an untrusted stranger (Is it clean? Does it smell?) The influx of low-quality and fast fashion has only worsened these challenges. As highlighted in the NY Times, the rise in low-quality items on resale platforms and thrift stores makes it difficult for long-time secondhand shoppers to find high-quality garments. Now is the time to eliminate these barriers so we can accelerate circularity. At Lucky Sweater, we're leading this effort by building a platform of trusted online community spaces for buying, selling, and trading (what you wish your Facebook b/s/t groups wish they could be). Here, individuals with shared passions and curated styles can build trust by exchanging advice, inspiration, and high-quality items they love. Think Reddit for commerce. If you're interested in discussing how we can accelerate circularity and ensure we meet the projections outlined in these reports to capture the 65% of new secondhand shoppers, feel free to reach out! Let's make sustainable fashion the norm. 💚✨ Sources: https://lnkd.in/eVisFGqS https://lnkd.in/ebzfNGUz https://lnkd.in/eV72bWsP  https://lnkd.in/etRKpDqE

The moment everyone has been waiting for is here…. Well maybe not everyone, but I do look forward to the annual ThredUp resale report, which just got released 🤩 Some stats I founded particularly interesting related to the rapidly growing resale space: The headline stat: 🌍 The global secondhand fashion market will reach £280 billion within 4 years, growing 3X faster than overall global fashion market 📈 Resale grew 15X faster than the broader retail clothing sector last year. 🤯 An incredible 2 in 5 fashion items bought in the last 12-months were secondhand. 💸 Consumers spent nearly half of their fashion budget on secondhand in the last 12-months. 📱 Online resale is driving growth, growing 23% last year and will account for half of all secondhand spend by next year. See the report here: https://lnkd.in/eqrYtYuY Tomorrow I’ll share some stats on the growth of branded resale. Try to contain your excitement and sit tight!

ThredUp's Resale Report 2024 is out there and here are some key learnings: - Resale grew 15X faster than the broader retail clothing sector in 2023. - Resale will more than double by 2028, growing 6.4X faster than the broader retail clothing sector and representing a CAGR of 17%. - Resale is expected to more than double its market share over the next 10 years, growing at a CAGR of 11% and gaining the largest volume of share of any distribution channel by 2033. - Online resale will account for half of all secondhand spend by 2025. #circularity #circularfashion #resale

🟧 ThredUp Resale Report The global #secondhand #apparel market continues to burgeon—a testament to the #intrinsic #value shoppers find in the #secondhand experience and proof of the seismic shift towards a more #circular #fashion ecosystem. As we celebrate this progress, we also recognize the powerful role the government can play in accelerating the transition to a more sustainable future for fashion. Now in its 12th year, the Resale Report shows some of the #most #promising signals of what that future could look like with increased levels of support. Until fashion is no longer one of the most damaging sectors of the global economy, we will continue to advocate for the government to help drive adoption and behavior change in fashion. We hope you enjoy this year’s findings and join us on our mission to #inspire the world to think secondhand first. – James Reinhart, ThredUp CEO TY: Tony Moroney #secondhand #fashionindustry #fashionwaste #fashionhouses #circularfashion #recycling #upcycling #resale #customers #cx #shopping #shoppinghabits #customerexperience #profits #customerexperience #resale #sdgs #decarbonization #zerocarbon #environment #climatechange #resale #businessmodel #business https://lnkd.in/e9fgAcfF

ThredUp, a prominent player in the resale industry, has released its 12th annual Resale Report, shedding light on the robust expansion and evolving trends within the secondhand fashion market. The report underscores the burgeoning significance of resale in the retail landscape and suggests that governmental intervention could expedite the shift towards a more sustainable future for fashion. James Reinhart, ThredUp Here are the top 10 insights gleaned from the report:

The Rise of #VintageFashion: A Closer Look at the Market Size and Emerging Trends According to a 2023 report by thredUP, a US online secondhand store, the 🥈 secondhand apparel market showed growth, expanding 28% in 2022 alone, reaching $177 billion. 🛒 The projections are even more astonishing, with an expected growth of 183% by 2026, increasing the market size to $324 billion worldwide. In essence: 📈 The secondhand market grows 3x faster than the overall apparel market, indicating a significant shift in consumer behavior and preferences 👗In France, 20% of online clothing sales are attributed to secondhand platforms 💶 This trend presents a great opportunity for potential waste reduction and money savings thanks to reuse of fashion pieces. Given that fashion stands out as the third most polluting industry after food and construction, Gen Z consumers are particularly drawn to secondhand shopping for its sustainability benefits.

Resale Market is growing more than expected, here are the details: In 2024, resale is very popular, and ThredUp’s 12th annual resale report shows that it's not slowing down. The global secondhand clothing market is expected to reach $350 billion by 2028. Last year, the US market grew 7 times faster than the overall retail market and is projected to reach $73 billion in four years.The report reveals that younger shoppers prefer buying secondhand items online rather than in physical stores. 45% of younger shoppers prefer online secondhand shopping, while 38% prefer shopping in brick-and-mortar stores. Nearly 2 out of 3 shoppers who bought secondhand items last year made at least one online purchase, which is 17 percentage points higher than in 2022.Cost efficiency is a major draw for resale, especially during financially challenging times. About 75% of respondents find the value proposition of secondhand items most appealing, with 3 out of 5 saying resale offers the best value for their money. Over half (55%) of respondents mentioned they would increase their spending on resale if the economy doesn't improve. Neil Saunders, the managing director at GlobalData, highlighted that the flexibility of secondhand items in meeting diverse needs is a key factor driving its popularity and promising growth. Sources: Satista, ThreadUp, GlobalData https://lnkd.in/dzHEUZwy

Ever-changing consumer preferences challenges in the US economy create opportunities for increased growth in the resale clothing market. Here's 6 reasons why we're along for the ride: https://lnkd.in/g7vFeese

Future of FASHION? Secondhand and Rent. WASTE and Ownership REDIRECTED The latest data from thredUp’s 2022 Resale Report provides fascinating insights into the evolving landscape of secondhand shopping. This comprehensive study, which involved surveying 3,500 U.S. adults, sheds light on the growing trend of embracing secondhand fashion as a social and sustainable choice. A highlight of results: ♻️ 3 in 4 consumers who shop secondhand identify as thrifters and love to brag about it. This is the social aspect of acquiring secondhand clothing. It is now hip to thrift; 59% who bought secondhand for the first time say it gives them bragging rights, while 74% say secondhand apparel is more socially acceptable now than it was 5 years ago. ♻️ Across all generations, the top reason for opting for secondhand clothing is the cost-saving aspect. However, the Gen Z cohort stands out for their emphasis on sustainability. For these young consumers, the second most compelling reason to embrace secondhand fashion is to contribute to environmental well-being. ♻️ Consumers face a dilemma between secondhand and fast fashion. Despite caring about the environment, fast fashion's allure - driven by social media trends and convenience - remains strong. 72% value its affordability, but 74% recognize their fashion choices' environmental impact. Half see fast fashion as directly harming the environment. ♻️ Despite conflicting values, many want to quit fast fashion. thredUp's 2022 report echoes their shift, with nearly 2 in 3 fast fashion shoppers aiming to buy more secondhand. The 2020 projection of the secondhand market surpassing fast fashion's size by 2029 gains more traction from the 2022 findings. Image credit: thredUP Link for more: https://lnkd.in/deTqp4Ts #fashionrevolution #sustainablebusiness #sustainablefashion