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The shift to thrift: COVID-19 propels an already surging secondhand clothing market

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Consumers were already shifting to thrifting more -- the pandemic just accelerated that. The resale market is projected to reach $64 billion in five years.

Sustainability-minded younger shoppers and bargain-hunting consumers of all ages who are feeling the economic pinch of the COVID-19 pandemic are increasingly giving up new clothes for resale items that sometimes still have their tags.

The flow of clothing onto the secondary market was more robust as well, as home-bound consumers cleaned out closets and sold what they no longer wanted. Among them, Walmart Inc. WMT, +0.85% said last month it has partnered with ThredUp to bring secondhand clothing and a variety of new brands to the Walmart website. Macy’s Inc. M, +0.62% and J.C. Penney Co. Inc. JCP, -2.08% have also added secondhand clothing to their merchandise lineups, and major retailers have started to focus on recycling and other sustainability measures.

Online secondhand is set to grow 27% in 2020, while broader retail sector is projected to shrink 23%.

 

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