Flipit and Shipit’s Post

ThredUp, a prominent player in the resale industry, has released its 12th annual Resale Report. This report underscores the significance of resale in the retail industry and suggests the global second-hand clothing market is projected to soar to 350 billion dollars by 2028, with the U.S. market expected to reach 73 billion dollars. Branded resale experienced significant momentum in 2023, with a remarkable 31% year-over-year growth. The most preferred method of purchase has been via online platforms, with 63 percent of buyers opting for digital transactions, marking a notable 17-point increase from the previous year. The global market for pre-owned clothing is thriving, reflecting the growing appeal of a new way of shopping and indicating a significant shift towards a more circular fashion industry. What are your thoughts? Read more at the article below. #fashion #news #preowned

Mega #sustainability trend: clothing resale -- even by big brands. "The secondhand apparel market is outpacing the broader retail sector at a notable clip. Online resale is seeing accelerated growth." According to the article 163 brands (including Kate Spade, American Eagle and J. Crew) now offer resale shops. #sustainabilityopportunity

Resale, and one that actually delivers a reduction in production and thus #landfill is only a part of the solution for #fastfashion. Recycling has an important role to play too. Something We love our beach offers with a £5 credit on each #organic #cotton garment when returned, after life use, for recycling. Like the tide, we believe in returning. AND FREE delivery on orders of £50 or more plus 10%OFF when signing up to Happy Tides. And another important element of #recycling, #reuse and #repurposing in #fashion is #hangars. What happens to these, after use? GROHANGER www.grohanger.com has the answer. #babyproducts #newborn #sustainability #recycling #grohanger #plasticwaste #clotheshangers #sustainablefashion #sustainabledesign #sustainableproducts #fashion #fashionretailers #circularfashion

Can resale help address fashion’s waste problem or is it simply enabling more consumption? This is a super needed and very interesting piece from The Business of Fashion... "Unless a secondhand programme results in a reduction in the manufacturing of new products, which contribute the majority of emissions in a company’s supply chain, resale won’t have a material impact." For anyone else that spends anytime on the likes of Vinted, eBay and Depop, it is incredibly easy to see why this is the case. The volume of fast fashion product and the cheap prices they go for feels like it is primarily helping to feed the desire to shop, not serving as displacement. https://lnkd.in/es6VJjZt #sustainablefashion #sustainability #overconsumption #resale #secondhand #climatecrisis

Resale is a tool to de-materialize, it is not a tool to increase consumption. The resale business must drive to the transformation of the sector towards higher quality and longer lasting products, only then we will be able to reduce the impact thanks to the de-materialization. Less garments, more lives, more use... Slow the flow!⬇️

A new study conducted by resale service provider Trove and Worldly, the sustainability analytics provider formerly known as Higg Inc., has found that branded resale efforts — such as Coach’s pre-owned offering (Re)Loved or Patagonia’s secondhand platform called Worn Wear — can have a positive effect on carbon footprints, though it won’t be as effective as other supply chain decarbonisation efforts such as reducing waste in the production process or using recycled materials. Resale’s green credentials are fiercely debated. Proponents say secondhand sales reduce demand for new garments; critics counter that the spread of resale may actually drive overconsumption if consumers believe they can shop new and then sell their purchases onward after a few wears. The study finds that some brands can reduce their emissions by relying on resale programmes to drive more sales, as this would allow them to scale back the amount of new merchandise they produce without sacrificing growth. The more coveted the product, the easier the math: a handbag might retain 50 percent or more of its value in the secondhand market, allowing its maker to grow revenue and profits while making fewer new bags. The same applies to durable outdoors wear. But the strategy likely wouldn’t work for fast fashion, which doesn’t retain much resale value. Read the full report below. ✍️ Cathaleen Chen #Retail #Resale

Great to see the momentum building for the circular economy in the latest Resale Report from ThredUp!

Retail Dive reports that globally, ThredUp predicts that the secondhand apparel market will reach $350B by 2028, up from $197B in 2023 and $141B in 2021. The global used apparel market grew three times the rate of the overall new apparel retail market in 2023. This is great news for the many Ontario franchisees of Winmark – the Resale Company that Jane Gregor and I have worked with over the last 20 years as many continue to expand their store footprints and move into new service categories like Plato's Closet and Style Encore. #sustainability #fashiontrends #recycle

Fascinating trends shared in ThredUp's annual resale report that seem to indicate that a real industry transformation is underway in the US. The transition to a stronger resale economy has clear value for consumers, companies and the national economy. It's also clear that a successful transformation to a sustainable future for fashion and more circular business models will require government support. It's worth a full read, but here are a few highlights: ✨ The secondhand apparel market grew 7x faster than the broader retail market ✨ Nearly 2 in 3 retail executives who offer resale say it will generate at least 10 percent of the company’s total revenue within five years ✨ 87 percent of retail executives who offer resale say it’s advanced their sustainability goals ✨ 52 percent of retail executives say they’d adopt circular business models if there were government-sponsored financial incentives for doing so #circulareconomy #circularity #fashion #retail #circularbusinessmodels #businesstransformation #secondhand #apparel #thrift

Resale Market is growing more than expected, here are the details: In 2024, resale is very popular, and ThredUp’s 12th annual resale report shows that it's not slowing down. The global secondhand clothing market is expected to reach $350 billion by 2028. Last year, the US market grew 7 times faster than the overall retail market and is projected to reach $73 billion in four years.The report reveals that younger shoppers prefer buying secondhand items online rather than in physical stores. 45% of younger shoppers prefer online secondhand shopping, while 38% prefer shopping in brick-and-mortar stores. Nearly 2 out of 3 shoppers who bought secondhand items last year made at least one online purchase, which is 17 percentage points higher than in 2022.Cost efficiency is a major draw for resale, especially during financially challenging times. About 75% of respondents find the value proposition of secondhand items most appealing, with 3 out of 5 saying resale offers the best value for their money. Over half (55%) of respondents mentioned they would increase their spending on resale if the economy doesn't improve. Neil Saunders, the managing director at GlobalData, highlighted that the flexibility of secondhand items in meeting diverse needs is a key factor driving its popularity and promising growth. Sources: Satista, ThreadUp, GlobalData https://lnkd.in/dzHEUZwy