The secondhand retail industry is booming, with global sales reaching $177 billion in 2022, according to ThredUp's 2023 Resale Report. This marks a 28% increase from 2021, and the report predicts the industry will almost double to $351 billion in global sales by 2027. ThredUp, an online reseller that buys secondhand clothes from individual customers and has deals with retailers including The Gap Inc., J. Crew Group Inc., and Abercrombie & Fitch Co., attributes the growth to inflation, more retailers developing curated secondhand offerings, and increased awareness of sustainable shopping habits.

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A survey of 3,000 people conducted by GlobalData for ThredUp's report found that 75% of consumers are open to buying secondhand, with Gen Z numbers even higher at 83%. However, only 13% of survey respondents said they've purchased a used product online, and only 8% have sold to online retailers for resale.

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Value is the highest motivator for consumers when it comes to secondhand shopping, with 94% of respondents saying they were concerned with inflation’s impact on their finances. About one-third of Gen Z consumers said they bought secondhand to afford higher-end brands that are out of budget when new. Additionally, 82% of Gen Z said they consider resale value of purchases before buying, and 42% said they are less likely to buy a clothing item with poor resale value.

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Sustainability is also a major factor in secondhand shopping, with 43% of shoppers saying it is a deciding factor in what they buy. 61% of Gen Z and Millennials consider themselves eco-conscious or sustainability-focused, according to GlobalData, compared with 51% of consumers overall. ThredUp has released data to reach these customers, saying that wearing used clothing instead of new reduces carbon emissions by 25%. The company also released a fashion footprint calculator using data from Green Story Inc. to allow customers to measure their wardrobes’ environmental impact and recommend changes to make.

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Sources: https://www.digitalcommerce360.com/2023/04/10/thredup-resale-report-value-sustainability-gen-z/