What: According to a survey conducted by ThredUp, the global secondhand goods market is expected to grow by 24% in 2022.

Why it is important: Re-commerce companies, including The RealReal, Poshmark and ThredUp, are expected to comprise 18% of the clothing industry by 2031.

According to a new ThredUp survey of 3,500 U.S. adult consumers and 50 fashion retailers conducted by GlobalData, it is estimated that the U.S. secondhand market will more than double by 2026, reaching $82 billion.

Sixty-two percent of Gen Z and millennial consumers said they look for items secondhand before buying new. And almost half of Gen Z and millennial consumers (46%) consider the potential resale value of an item before purchasing it, per the report.

Secondhand goods are also seen as a way people can stretch their dollar further. Fifty-eight percent of shoppers say that resale has helped them in some way during a time of inflation.

Secondhand US market to reach $82B by 2026: ThredUp