Gen-Z em­braces sec­ond-hand clothes; re­sale mar­ket to reach US $ 41 bil­lion

Apparel Online - - Retail Current -

The ver­dict is in; mil­len­ni­als and its younger sib­lings from the Gen-Z love ‘re-loved’ clothes. In a re­cent re­port re­leased by on­line thrift shop thredUP, the re­sale econ­omy is thriv­ing and its main pa­trons (41%) are in-be­tween the ages of

18-24. The study claims that the re­sale mar­ket cur­rently val­ues at US $ 20 bil­lion and will reach US $ 41 bil­lion by 2020. More in­sights from the re­search re­veal that 1 in 3 women shopped pre-owned clothes in 2017, mak­ing the num­ber

44 mil­lion as com­pared to 35 mil­lion in 2016. Com­pared to ba­sic re­tail, which is ex­pected to grow at the rate of 2%, the re­sale mar­ket is slated for a whop­ping 15% pro­gres­sion. Cur­rently, in the US mar­ket, the main play­ers in re­selling are thredUP, The RealReal and Posh­mark with Re­bagg, Deopop, Tradesy and Grailed fol­low­ing closely be­hind. A sur­pris­ing rev­e­la­tion from the study is the fact that 13% of thrift shop­pers are mil­lion­aires and the more ob­vi­ous expose is that 66% peo­ple opt for thrift to buy brands

that are out of their af­ford­abil­ity range. The re­port’s re­sults may come as a bit of a sur­prise to some as buy­ing pre-owned has al­ways had a stigma at­tached to it. Whereas shop­ping vin­tage is revered, thrift shop­ping was of­ten seen as cheap, but times are chang­ing. Some 70% of thredUP’s shop­pers last year had never tried thrift shop­ping be­fore and 50% have shifted from buy­ing off-price to thrift. The re­tailer added that re­sale doesn’t just of­fer the thrill of buy­ing more new fash­ions at throw­away prices but also has the

eco-con­scious value of not adding waste to the en­vi­ron­ment.

Apart from the shop­pers’ data, thredUP also un­veiled the thrift shop­pers’ favourite brands that are Lu­laRoe, Ever­lane, UGG, TOMS, and The North Face amongst oth­ers. The re­tailer added that brands like FRYE, Lu­l­ule­mon, Hel­mut Lang, Burberry and Gucci have the high­est de­mand and earn­ing value on their site. The worst brands to in­vest in be­ing Gior­gio Ar­mani, Juicy Cou­ture and Mango.

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