SAN FRANCISCO--(BUSINESS WIRE)--thredUP, the nation’s leading online marketplace to buy and sell like-new women’s and kids’ clothing, has published its Fourth Annual Resale Report. The Report reveals exciting new data about the scale of the resale industry, as well as some surprising facts about what cities, brands, and consumer behaviors are fueling its breakout growth.
“thredUP is a pioneer in the online fashion resale industry and we are in a unique position to put the growth of the industry in context,” said James Reinhart, CEO and co-founder of thredUP. “Online resale is now firmly integrated into people’s lives, transcending demographics. It’s a mindset around smarter living, and as a company whose mission is to inspire a new generation of shoppers to think secondhand first, we love the story the data is telling.”
The average American woman's closet is a goldmine. With more than 70% of items in a woman’s closet on average going unworn, some estimates place the value of unused and ignored clothing in American closets at over $8 billion. As the success of online resellers continues, a growing portion of this hidden treasure will be unlocked.
With the emergence of online and mobile players, mobile adoption continues to accelerate as 68% of online resale activity takes place on a mobile device. At every income and fashion level, it is a natural part of the social conversation around smart and conscientious living.
If 1 in 100 American Households shopped resale, they would collectively save over $1.4 billion every year. In a survey conducted by thredUP this past year, 87% of individuals who bought secondhand clothing online reported shifting their spend from off-price retailers to online resale. In the same survey, more than 50% of respondents reported making their first secondhand purchase online. We expect this trend to accelerate and for resale to capture wallet share from traditional retailers and discounters.
“It is no longer a question of if but when hundreds of millions of people all over the world make resale a habit,” said Paula Sutter, past President of Diane von Furstenberg and thredUP board member.
Brand highlights from thredUP’s Fourth Annual Resale Report
As online resale continues to grow, many well-known brands continue to thrive in the resale world while others have seen a huge increase in their resale popularity in the past year. A brand with strong resale value is a winning consumer brand.
Most popular brands bought
J.Crew, Ann Taylor, Theory, Banana Republic, Gap, Coach, Free People, Express
Most popular brands sold
J.Crew, Forever 21, Free People, Mossimo, H&M, Nike, White House Black Market, MICHAEL Michael Kors
Resale Across America
Fashion capitals New York, San Francisco, Miami, Chicago, and Dallas are leading growth in resale, but consumers are shopping resale across the country from big cities to small towns and everywhere in between.
Most Active Resale Cities: New York City, NY; Washington D.C.; Los Angeles, CA; San Francisco, CA; Boston, MA; Philadelphia, PA; Chicago, IL; Seattle, WA; Atlanta, GA; Houston, TX
Fastest Growing Resale Cities: Harrisburg, PA; Denver, CO; Columbus, OH; Durham, NC; Washington D.C.; Hartford, CT; Austin, TX; New Orleans, LA; Minneapolis, MN; Atlanta, GA
thredUP is the leading online marketplace to buy and sell like-new women’s and kids’ clothing. The company publishes the Annual Resale Report, and pioneered the Clean Out Bag, the most convenient way for consumers to sell clothes they’re no longer wearing. It accepts clothing from more than 25,000 women’s and kids’ brands, and resells the items for up to 90 percent off the original retail price. Headquartered in downtown San Francisco, thredUP is backed by world-class investors and a team that includes investors and executives from Netflix, Virgin, Diane von Furstenberg, GAP, Macy’s, and other powerful brands. thredUP is reinventing the secondhand clothing industry and inspiring a new generation of consumers to think secondhand first. Learn more at www.thredUP.com.