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Perhaps as a confluence of factors – from supporting local businesses toward greater emphasis on sustainability – the resale market has picked up speed as a sort of alternative economy during the pandemic while big-box and department store chains file for bankruptcy. ThredUp’s 2020 Resale Report, featuring research from GlobalData, found that secondhand retailers have spent 2020 building off 2019’s momentum. Last year, the resale economy increased 25 times faster than traditional retail, has outpaced traditional clothing sales for the past three years, and is predicted to out-sell fast fashion by the end of the decade. Excluding brick-and-mortar thrift stores, the resale economy will steadily continue its rise, with $36 billion in sales predicted for 2024 – up from $7 billion so far in 2020.
