What: ThredUp 2024 report provides valuable insight about the second hand market.

Why it is important: The market is growing, more customers are joining, but no player is profitable.

The secondhand apparel market is seeing significant growth, with 52% of consumers shopping for secondhand apparel in 2023, a number that rises to 65% among Gen Z and Millennials. Consumers are investing nearly half of their apparel budget in secondhand items, and 25% have resold apparel themselves. The importance of resale value when purchasing apparel is recognized by 47% of consumers. Branded retail resale grew by 31% in 2023 with brands like H&M and J.Crew launching their programs. The global secondhand apparel market is projected to reach USD 350 billion by 2028, growing three times faster than the overall global apparel market.

ThredUp resale report 2024