The shift to secondhand shopping
What is behind the sudden boom in secondhand shopping? Could it be an increase due to pandemic lifestyle or maybe an increasing generation who enjoys shopping secondhand? We decided explore these and much more.
The slow growth towards secondhand shopping began with the introduction of Poshmark in 2011. Recently this growth has begun an exponential movement forward. According to MarketWatch, 70% of consumers are now open to buying secondhand and resale grew 25 times more than retail in 2019. Each year it continues to grow as well, with resale expected to grow 69% between 2019 and 2021 while traditional retail is expected to shrink 25%. So, what is causing this increase of growth and activity?
It’s clear that the sector is thriving as never before, many people placing blame on COVID-19. As the pandemic begins to slow down we can reflect on how multiple industries were helped or hurt. The resale and secondhand market grew to new highs throughout the pandemic’s worst times. Surprising I know but according to ThredUp’s 2020 report, the platform experienced a 31% increase from prior to the lockdown in the time users spent on the platform. While some state this was caused due to boredom and an increase in free time. The more logical answer would be an increase in a need for sustainability and access to multiple different online platforms.
Not only is the pandemic fueling the growth in secondhand platforms but according to Forbes, Gen-z is one of the biggest movers in the industry. This generation turning to resale for a more ethical and greener shopping experience, with 37% of Gen-Z shopping second hand compared to 27% of Millennials and 19% of Baby Boomers. Gen-Z as generation is also involved with secondary education creating a need for cheap designer clothing and discount textbooks.