ThreeDup Annual Resale Report: The U.S. Second-Hand Market Will Reach $82 Billion!

Recently, ThreeDup, one of the largest second-hand resale platforms in the United States, released its 10th annual resale report. The report shows that by 2026, the size of the second-hand market in the United States is expected to more than double to $82 billion.

Here are the main takeaways from ThreeDup’s 10th annual resale report:

1. The United States leads the growth of the global second-hand market

• In 2021, the size of the global second-hand market grew by 32%, reaching a record high.
• The global secondhand clothing market will grow 127% by 2026, with the U.S. secondhand market more than doubling to $82 billion.
• By 2026, the resale apparel industry will grow 16 times faster than the overall apparel retail industry.

2. Technology and online markets are driving growth in the U.S. second-hand market

• By 2024, 50% of total second-hand item sales in the United States will come from online sales.
• The U.S. online resale market will nearly quadruple by 2026.
• 70% of consumers say it is easier to buy second-hand goods now than it was five years ago.

3. With inflation rising, demand for second-hand goods is growing

• 58% of consumers said that buying second-hand goods can reduce financial burden during inflationary periods.
• 80% of consumers said they would buy the same or more second-hand clothing, which is higher than in 2021 (49%).
• 25% of consumers said they would buy more second-hand items if prices for clothing, shoes and accessories continued to rise.

4. Resale is an emerging growth channel for retailers

• The number of brands with resale stores increased by 275% in 2022 compared to 2021.
• 78% of retail executives say their customers are already engaging in resale, 16% higher than in 2021.
• 52% of retail executives say resale is becoming table stakes for retailers, 16% higher than in 2021.
• Of retail executives currently involved in the resale business, 88% said they have seen an increase in revenue.

5. Resale can solve the problem of waste in the fashion industry

• Secondhand goods replaced nearly 1 billion new clothing purchases in the past year.
• Nearly a third of consumers believe their personal consumption habits have a significant impact on the planet.

6. Changing consumer values ​​drive demand for second-hand goods

41% of consumers said that when buying clothing, they would give priority to looking for second-hand goods.

62% of Gen Z and Millennials say they look for second-hand items before buying new.

46% of Gen Z and Millennials consider the resale value of clothing before purchasing it.

7. As the cost of living rises, fast fashion shoppers tighten their spending

• 62% of fast fashion shoppers say fast fashion retailers encourage them to buy things they don’t need.
• 20% of fast fashion shoppers say they feel pressure to buy the “latest style”.
• 65% of fast fashion shoppers said they want to give up buying fast fashion.
• 65% of fast fashion shoppers expressed a desire to purchase more second-hand fashion items.

Editor ✎ Nicole/

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