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Sustainable Choices: The Growing Popularity of Online Resale Shopping
By 2024, resale shopping has transitioned from a mere trend to a mainstream shopping method. According to ThredUp’s annual report, the resale market continues to grow unabated. Online platforms, especially among young consumers, are becoming popular for their cost-effectiveness and environmental sustainability.
Growth of the Online Resale Market
As of 2024, the resale market has become a mainstream phenomenon. ThredUp’s 12th annual resale report indicates that the market shows no signs of slowing down. The global second-hand clothing market is expected to reach $350 billion by 2028, with the US market growing seven times faster than the overall retail market, aiming to reach $73 billion within four years.
The Rise of Online Shopping
For the first time identified in this report, younger buyers prefer purchasing second-hand items online over in-store shopping. This preference has been strengthened, especially in the post-pandemic period, with the ease and accessibility of online shopping.
Cost-Effectiveness and Sustainability
Economic uncertainties and environmental consciousness are steering consumers towards resale shopping. The majority of survey respondents highlight the cost-effectiveness of resale shopping and the sensation of getting more “bang for their buck.” Sustainable consumption has become a significant motivation among young consumers.
Looking to the Future
“The flexibility in meeting such a wide range of needs is one of the main reasons why second-hand has become so popular and has such a promising growth trajectory,” said Neil Saunders, managing director at GlobalData, in a statement.
