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March 28, 2024

Consumer Interest in Refurbished Goods Keeps Gaining

Posted In: Retail Articles

ThredUp’s annual Resale Report, in its 12th year of sizing up the second-hand market and resale industry, provided a snapshot of current trends driving growth in a sector that’s gaining faster in some cases than retail in general.

For example, ThredUp reported apparel resale grew 15 times faster than the broader retail clothing sector in 2023, as online resale saw accelerated growth at 23% year-over-year.

ThredUp noted several other developments related to second-hand goods:

  • The global second-hand apparel market is set to reach $350 billion by 2028 with the U.S. market reaching $73 billion.
  • The proportion of consumers who did their resale buying online reached 63% in 2023, up 17 points from 2022.
  • Branded resale saw continued momentum in 2023 with 31% year-over-year growth and
 163 brands operating resale shops.
  • Many consumers (42% of those polled) believe the government should take legislative action to help promote sustainable fashion.
  • Three-fifths of consumers said shopping second-hand apparel gives them the greatest value for their buck.

Retailers increasingly saw refurbished as boosting circularity goals and driving revenue with 87% of brands that offer resale saying the category advanced sustainability goals and 67% saying resale will generate a meaningful revenue stream for the company within five years.

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