The Interesting Reason Why Resale Fashion Is Growing
The top motivation for shopping second-hand might surprise you.
From contemporary fashion to luxury, it's no secret that resale is the fastest-growing way to shop. It's often more affordable, and often it's positioned as the more sustainable option when compared to buying new clothing. While it's an incredible development, this growth has not yet led to a decline in profits elsewhere in the industry – and I think the latest 2022 resale report from ThredUP might have a little insight into why.
According to the website's annual Resale Report released on May 16, the secondhand market is expected to grow 127% by 2026, putting the total value at a massive $218 billion. This growth is primarily driven by shoppers finding that resale gives them more affordable options. The data explains that for 63% of users, the number one motivator to shop secondhand is to save money, and that comes before the desire to be more sustainable. It's interesting when you look at another data point that highlights that while 74% of fast fashion shoppers recognize how their shopping habits impact the planet, 72% still choose to shop for new fast fashion because "it's good value for the money."
If price is the motivation, then it doesn't necessarily matter where the clothing comes from when a person is looking for something specific. The report doesn't mention shipping time and convenience; however, if secondhand can't give you what you want, fast fashion certainly will at a similar or even lower price in some cases. This idea is indicated through another point in the report. While 2 in 3 shoppers say they'd like to switch to more secondhand shopping, 43% say fast fashion is a habit that's hard to stop. When you have a multi-million-dollar marketing machine, social media pressure to always have a new outfit, and general desires to look cute, fast fashion is a straightforward choice.
Also, when you consider just how much fast fashion is on these websites (like Poshmark, ThredUP, and the other competitors), it's clear that the motivation is still to have something different, often, and at a reasonable price. What's great is that more people are at least caring about the impact and are attempting to expand their clothing's life cycles. From my perspective, none of this is terrible news. People are definitely prioritizing sustainability and that is what we all need to be doing. Still, it's just something to consider when we position resale as the most sustainable option. It can be, but when we look at overall consumption, it's more of a positive shift than a solution.
What's more, is that the report notes how corporations are slowly coming around to the idea that resale needs to be part of their business model – 41% of retail execs say resale is getting attention at the Director/Board level. IF they are creating clothing for circularity, and not just using a growing segment to make more money, that is a great thing. Having a discerning eye for when a brand is trying to profit off sustainability versus when they recognize their impact and change for the better, is one of the most powerful tools we have as consumers.
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This Stuff is a newsletter by me! fashion journalist, Alyssa Hardy. Three times a week, I unpack the ways our clothes impact the world through news, essays, interviews and more. Subscribe for free here and follow me on Instagram, Facebook and Twitter.
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