Resale is The New Black
By Nikki Kaur, April 9, 2020
It’s a new decade and a new shopping trend is forming. In fact, this trend has been steadily crawling to the forefront for quite some while now but now it’s about to go mainstream, we’re talking about RESALE. According to thredUP the resale market is growing 24 times faster than traditional apparel retail. Furthermore, it’s expected to grow from $20 billion to $41 billion by 2022. These are some big numbers; resale is increasing rapidly while traditional high street shopping is on the decline. How did such a change occur? Secondhand clothing used to be looked down upon as hand me downs or conjured up the image of rifling through racks of endless clothing. But alas, a new shopping mentality has emerged, and secondhand shopping is dare I say it, cool? The stigma that was once attached to secondhand clothing has largely been removed thanks to websites like thredUp and Poshmark. These websites provide an excellent platform to resell and buy, leaving the customer both satisfied with their purchase and with a viable place to resell items they no longer want.
Who Shops Resale?
Today’s savviest and most complex shopper is the millennial. They are known for being eco-conscious and pro sustainability. However, on the flip side they also love making impulse purchases and are guilty of creating fashion waste. Their shopping habits do not follow traditional patterns as they regard clothing as having a short life span and in this new IG era, keeping up and changing your look is of the upmost importance. Therefore, making the resale market perfect for their needs. They’re able to continue with their shopping habits with the added benefit of being able to resell items they tire of. There’s also the bonus of the ‘thrill’ of finding vintage treasure or being able to purchase a coveted item from a ‘drop’ they missed out on. On the whole, traditional shopping habits are dying out, we’re moving towards more of a ‘shared’ shopping experience. It’s not only the sustainable and ethical option but better for your wallet too.
Defining and Participating in Resale
Resale is defined as the sale of a thing previously bought, any store that acquires used goods for resale is a resale store. Jhrop falls under this umbrella as does Poshmark, thredUP etc. However, whilst they are the same, they’re fundamentally different. The type of resale store falls under three categories; consignment, buy outright and thrift stores.
A consignment shop accepts goods from customers, merchandises them for sale and pays a portion to said customer. It’s a great way to clear any designer or high-end items that you no longer use and to pocket some cash. There’s a huge market looking to buy big name brands at a cheaper price. ThredUP found that 13 percent of their shoppers are actually millionaires.
Whereas, a buy outright resale shop will purchase used goods from a seller at a lower price and sell for profit in their store. This resale method may result in the seller getting paid less in the long run as they chose to make the fast sale. However, it’s still a great way of getting quick money whilst freeing yourself of unwanted clothing, you’ll be surprised to how many forgotten gems are in your wardrobe. And lastly, the thrift store. They typically accept donated items or sells goods on consignment. It depends on whether it’s a for profit store or part of a charity. Resale prices are usually lower in thrift stores because of the donated goods. And it can be a lot of fun, finding cool vintage pieces for a steal!
All in all, these resale stores may operate differently but they all have one common goal- reselling clothes for money. The world is evolving and with it our habits too. Business traditions are breaking down and moving towards a more shared experience and we suggest dipping your toe in the pool. Whether it’s buying or selling, it’s a win-win situation for all. Clothes get a new lease of life, it’s better for the world and you can make/save money! What’s not to love about resale?