According to American thrift platform thredUP’s 2020 Resale Report, by 2029, the resale market will be more in demand than fast fashion. The former is projected to grow 5x in the next five years, while the retail industry is projected to shrink.
Finally, we are seeing the emergence of a real spark in the sustainability sector that has the potential to turn into a raging fire, what with corporates and shoppers alike recognizing the drastic issues presented by the current retail business model.
Disruption was necessary, and in its wake, it carries a wave of empathy and deep understanding—for our shared planet, for ourselves and everyone else, and for our wardrobe choices. The stigma of wearing used clothes has been wiped clean, replaced with openness and acceptance that promises a kinder, healthier future.
This shift to thrift has been bubbling with enthusiasm over the last few years, but COVID-19’s massive hit to the economy was the catalyst that made everyone stop their spending sprees and revisit their spending patterns. Buying habits are already changing, with people drawing the line at essentials and other pressing requirements. This conscious shopping shift is welcoming frugality, with thrift shopping becoming the new cool.
Indeed, the secondhand market (which includes both the resale sector and the thrift and donation sector) is set to hit US $64 billion in the next five years. However, the resale sector is expected to overtake thrift and donation by 2024. With more and more of us working from home, the online marketplace is an easier place to turn to. thredUP’s report notes that the online secondhand marketplace is estimated to grow 69% between 2019 and 2021.
This accelerated shift towards embracing sustainable fashion through technology is being fueled by Gen Z. Young shoppers under 24—most probably inspired by activist Greta Thunberg—are demonstrating a genuine interest in finding a long-term solution to the growing environmental concerns and the slow death of the fashion industry as we know it today.
Another reason for the resale market to flourish is the current economic uncertainty. With household budgets shrinking, consumers are looking for cheaper alternatives to replace their usual picks. Some are also looking to make money by selling their clothes online on resale websites. This brilliant initiative has led to 4 million fast fashion items being recirculated by thredUP, thereby saving 5.5 million lbs of waste.
Selling used clothes online is turning out to be the most eco-friendly way to get rid of unwanted garments that have just been worn once. thredUP states that giving your summer dress a second life reduces its carbon footprint by 79%. Making room in your wardrobe by giving away anything that doesn’t spark joy is definitely something Marie Kondo would nod her head to.
The way forward is definitely pointing towards accepting secondhand fashion, reducing throwaway fashion culture that is overfilling landfills, consuming less and reusing more.
