According to Quartz, the popularity of secondhand clothing is a massive force that's reshaping the fashion industry. In fact, the secondhand clothing market is projected to more than triple in value in the next 10 years, it’s currently worth $28 billion, and is expected to be worth $80 billion by 2029.
Setting the ever odd 2020 aside, secondhand clothing expanded 21 times faster than conventional apparel retail last year alone! Are you on board? What's going on?
Observers say the secondhand clothing market is composed of two major categories, thrift stores and resale platforms. Thrifting has always had it's economic appeal but it’s resale platforms that has largely fueled the recent boom. It’s driven by younger consumers who also sometimes participate in a trend known as “fashion flipping”—or buy secondhand clothes and then resell them.
"Tradesy and Poshmark are websites that facilitate peer-to-peer exchange of everyday clothing, and are quickly becoming the next big thing in the fashion industry."