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More Than Half Of Consumers Say Resale Has Helped Them Cope With Inflation

More Than Half Of Consumers Say Resale Has Helped Them Cope With Inflation

More Than Half Of Consumers Say Resale Has Helped Them Cope With Inflation

The global secondhand goods industry is expected to grow by 24% this year and double in size to $82 billion by 2026, according to online resale platform ThredUp.

One of the key factors driving growth in demand for pre-used products in today’s environment is rising inflation, which is impacting consumers’ day-to-day expenses, ranging from gas and food to utility bills and clothing.

According to ThredUp’s survey of 3,500 U.S. consumers, 44% of consumers have scaled back their spending on clothing more than other categories except for restaurants. Meanwhile, 58% said that turning to resale has helped them cope with increasing inflation.

The increase in demand for pre-used items is unlikely to abate either, with a quarter of consumers planning to buy more used clothing if inflation continues to rise. Demand for secondhand items is particularly high among millennials and Gen Z consumers, 62% of whom now look for secondhand items before buying a brand new product. These consumers also consider the resale value of products before investing in them, with 46% of millennials and Gen Z shoppers saying so.

These trends are prompting retailers to sell pre-owned products to their customers. In fact, nearly three-fourths of retail executives said they are either currently offering access or are open to selling pre-used products to customers.

“The last 10 years of resale were dominated by marketplaces, but brands and retailers are driving the next wave of secondhand,” James Reinhart, ThredUp CEO & co-founder, said in a statement. “We’re still in the very beginning of this trend, but the acceleration of resale adoption is a positive signal with enormous benefits for the planet.”

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