thredUP Releases 6th Annual Resale Report

Under embargo until 8am EST 4/3/18

Today thredUP, the world’s largest online thrift and consignment store, released their 6th Annual Resale Report (link not yet live). This state-of-the-industry study is conducted annually in partnership with GlobalData, the third-party research and analytics firm, to examine the trends and trajectory of the $20B resale apparel market.

“There is a powerful transformation of the modern closet happening, and resale is part of the story,” said James Reinhart, CEO & Co-Founder of thredUP. “1 in 3 women shopped secondhand last year. As a company with a mission to bring thrift mainstream, we think that’s a big deal. This report is a chance to contextualize that growth, and get glimpse into the leading role resale will play in closets of the future.”

View the full report at thredUP.com/resale. (Link not yet live)

REPORT HIGHLIGHTS

The resale apparel market is big and going mainstream:

  1. The market is $20B today, and projected to reach $41B by 2022.
  2. 1 in 3 women shopped secondhand last year. An increase of 10 million women in 2017 alone.
  3. Thrift becomes a habit: thrifters project 40% of their closets will be used by 2022, up from 24% today.
  4. 71% of resale shoppers plan to spend more on secondhand in the next five years.

View the data (link not yet live, view PDF pre-launch).

Meet the Closet of the Future. It’s fun, cheap & green:

  1. Retailers who offer fun experiences (constant new arrivals, or treasure hunt) at low prices will gain ‘closet share.’ 
  2. These “Retail Disruptors” include: Resale, Subscription, Rental, Amazon, D2C & Off-price. These players will own nearly 50% of closets by 2027, up from 16% in 2007!
  3. Resale will be larger than Fast Fashion by 2027, and the Rental market will gain share as consumers re-think the eco-impact of apparel choices.

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View the data (link not yet live, view PDF pre-launch).

Millennials (and their conflicting habits) drive resale’s growth:

  1. Millennials are the most wasteful yet eco-minded consumers. They discard clothing after only a few wears and shop impulsively. Yet, they are the most likely group to buy from environmentally conscious brands.
  2. Thrift  gives millennials permission to shop guilt-free.
  3. 40% of all 18-25 year olds shopped resale in the past year, more than any age group under 45.

View the data (link not yet live, view PDF pre-launch).

Thrift offsets a rampant throwaway culture & paves the way for a circular economy:

  1. Buying used extends the life of garments & reduces carbon, waste and water footprints by 73%.
  2. Go green for greener profits: 75% of consumers are more likely to buy from eco-friendly brands.
  3. Circular Economy pioneers, like Patagonia and Stella McCartney have partnered with resellers to power extended use of their goods.

View the data (link not yet live, view PDF pre-launch).

thredUP growth highlights from the report:

  1. thredUP carries 3X more apparel brands than Amazon (35K brands).
  2. thredUP sells 4X TJMaxx stores worth of items each day (30K items per day).
  3. thredUP recycled 17M items last year, and 52M in the past 5 years.

View the data (link not yet live, view PDF pre-launch).

About thredUP

thredUP is the largest online marketplace for secondhand clothing, making buying and selling a cinch for millions of women across the globe. The company resells more than 35,000 brands across hundreds of categories at up to 90% off the original retail value. Headquartered in downtown San Francisco and backed by world-class investors, thredUP is reinventing the secondhand clothing industry and inspiring a new generation of consumers to think secondhand first.