That’s according to the 2023 Resale Report from online resale platform ThredUp, which put global secondhand sales at $177bn in 2022 sales and is forecasting a figure of $351bn for 2027.

Why it matters

A combination of environmental awareness and squeezed incomes is pushing more consumers towards buying secondhand items. But brands also see value in this market: fashion retailers report that sustainability, revenue, and brand loyalty are important benefits of resale. At the top end of the market, resale also helps manage brand image and counterfeiting.

“When I talk to brands today, it’s not a question if they will be involved in resale – it’s about how,” James Reinhart, co-founder and CEO of ThredUp, told Bloomberg.

Takeaways

• • 64% of Gen Z respondents to a GlobalData Survey said they look for an item secondhand before buying it new (up 4 points from 2021).

• • 42% of Gen Z is less likely to buy an apparel item if it does not have a good resale value (compared to 23% of consumers overall).

• • Almost two thirds of retailers offering resale say this will be integral to the company’s long-term growth strategy.

• The resale trend is accelerating: among ThredUp’s top 100 resale programs, 72 were launched in 2022 and 2023;.