Encroaching fashion retailers nationwide, thrift stores have experienced upward growth in recent years. With many Generation Z consumers, among other trend-seeking customers, willing and ready to shop for pre-owned clothes, this fashion sector is expected to reach billions in the upcoming years – and ThredUp, a pioneer in resale clothing, proves that secondhand love is on the rise.
As one of the largest resale brands in the game for clothes, shoes, and accessories, ThredUp is on a mission to create a new generation of customers who help extend the life cycle of clothing and create a more sustainable future for the fashion industry.
This managed marketplace helps connect sellers and buyers, providing a resale service from beginning to end for sellers that includes pricing, merchandising, fulfillment payments, and customer service. They take the hassle out of resales while providing high-quality clothing that gives you more bang for your buck.
ThredUp’s ease of Use comes from its customer-built operating platform, which helps power the resale economy. ThredUp processes more than 100,000 items seeking new homes, and its platform helps distribute processing infrastructure, proprietary software, and data science expertise through its “single SKU” logistics.
In ThredUp’s 12th Annual Resale Report, this large resale platform reported that resales grew 15X faster than retail stores in 2023. The difference between resale and retail is in the items for sale, not necessarily the condition. A thrift store, while offering items that are not brand new, as you find in retail stores, still provides quality apparel, shoes, and accessories that are in good condition, if not great, and breathe new life back into once-loved clothes.
A recent study reported that 60% of consumers shop for secondhand apparel because they can stretch their money further without emptying their wallets, with a staggering 55% saying they will venture more into thrifting should the economy not improve. ThredUp’s report was conducted by a third-party retail analytics firm, GlobalData, which conducted the most comprehensive measure of the pre-owned market in the nation and across waters that projects big things for the resale industry by 2033.
The Managing Director of GlobalData, Neil Saunders, stated, “With more than half of all consumers shopping for secondhand apparel last year, it’s evident that resale is now firmly embedded in the fashion landscape. Secondhand buying transcends generations, with the role of resale changing throughout consumers’ lives… Secondhand’s flexibility in meeting such varied needs is a key reason it’s become so popular and has such a promising growth trajectory.”
ThredUp’s annual report revealed top trends in the resale market. Most notable is the accelerated growth that is outpacing retailers across the board. With the convenience of online shopping attracting increasing attention, for the first time, younger generations prefer to head to the web to fill their closets instead of traditional brick-and-mortar buildings.
Beyond convenience and door delivery, reported trends helping the resale economy are the importance of value and sustainability. With 3 out of 4 consumers reporting that value reigns supreme when buying clothes, resellers are experiencing exponential growth because shoppers can find great deals. But today’s buyers are also concerned with sustainability – reporting that they would like to see a more sustainable fashion industry that is known more for its excessive waste.
According to analysts, the positive pathway toward growth and sustainability in the pre-owned apparel market remains a prediction, but today’s trends point to the potential of a better future that still keeps you stylish.
