The Global Secondhand Market Grew Faster Than Traditional Retail Last Year, According to ThredUp’s Annual Report

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ThredUp’s annual resale report found more shoppers are moving online and projected GMV of $350 billion by 2028.

is regularly cited by not just ThredUp but also its competitors, who point to the growth curve it projects as a sign of their own potential.

“The market continues to grow and it’s only growing faster than traditional retail,” said James Reinhart, chief executive officer of ThredUp, in an interview. “A lot of that is driven by consumer preference. Talking about their experience of shopping secondhand, selling secondhand, and really what their expectations are for the future, you just start to see share of closet expand over time.

Resale’s growth story has been relatively consistent. But the report did single out some other changes in just where people are shopping secondhand.last year, an increase of 17 points from 2022, according to the report. Forty-five percent of younger shoppers said they preferred to buy secondhand apparel online. And online resale is expected to more than double to $40 billion in the next five years.

“And I think the carrot then is government creating incentives and credits for sustainable innovation, fiber-to-fiber recycling plants, investments in circularity, investments in resale and rental and all these things that I think ultimately can help change consumer behavior,” he said.

 

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