Business
ThredUp’s 12th Annual Resale Report Reveals Resale Grew 15X Faster than Retail in 2023
New study finds 60% of consumers say shopping secondhand apparel gives them the most bang for their buck; 55% say they’ll spend more on secondhand if the
About this update from Thredup Inc.
[{"type":"text","content":"\nNew study finds 60% of consumers say shopping secondhand apparel gives them the most bang for their buck; 55% say they’ll spend more on secondhand if the economy doesn’t improve.\n\n\nBranded resale saw continued momentum in 2023, with 31% year-over-year growth; 163 brands now offer resale shops.\n\n\n40% of voters say they’re more likely to vote for a candidate that supports sustainable fashion in upcoming elections.\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nThredUp (Nasdaq: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, today released the results of its 2024 Resale Report. Conducted by third-party retail analytics firm GlobalData, the 12th annual study serves as the most comprehensive measure of the secondhand market globally and in the U.S., with forward looking projections through 2033. It also includes new insights about trends driving online resale’s growth, momentum in branded resale, and a special section about the government’s role in reducing fashion’s impact and potential implications for this year’s election. The report’s findings are based on market sizing and growth estimates from GlobalData; a survey of 3,654 U.S. consumers over the age of 18; and a survey of 50 top U.S. fashion retailers and brands.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240327870684/en/(Graphic: Business Wire)\n“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.” – James Reinhart, CEO, ThredUp\n\n\n“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 tra...