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Monday, January 6, 2020

By 2023, the secondhand clothes market will double to $51 billion. Here’s why

How Poshmark, Depop, and the RealReal are making your closet more eco-friendly


Resale platforms like the RealReal, ThredUp, and Depop have made shopping for used clothing easier than ever—and consumers are buying in. Fueled by millennials and Gen Z, the secondhand market is on track to more than double over the next five years, from $24 billion to $51 billion, according to ThredUp and retail analytics firm GlobalData. Traditional retailers are taking note: In 2019, Foot Locker invested $100 million in shoe reseller GOAT. Here’s a look at the numbers behind fashion’s latest trend.
Sources: The RealReal, Poshmark, GOAT Group, Depop (User Numbers, Depop demographics, What’s Selling); Company Valuations: Recode, April 2019 (StockX), market cap as of October 16, 2019 (the RealReal), the Wall Street Journal, April 2019 (Poshmark); ThredUp 2019 Resale Report (Who’s Shopping); A New Textiles Economy report, Ellen MacArthur Foundation (Environmental Impact); Euromonitor International (new clothing per capita)

A version of this article appeared in the Winter 2019/2020 issue of Fast Company magazine.

 

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