![]() ![]() The report highlights that 37 per cent of consumers spent a higher proportion of their apparel budget on secondhand last year.īut the rise in budget shopping has also strengthened competition for Thredup from retailers offering year-round discounts. Consumers also have a heightened awareness of environmental impact linked to clothes and are eager to reduce their individual footprint. “People across generations say value is the number one spend motivator for apparel because they’re being squeezed by inflation and higher prices,” says Thredup’s Marino. The pressures of the wider macroeconomic environment are forcing many consumers to rethink their shopping habits. Eco-Age’s Vocking says that the issue is not that resale will become like fast fashion, but rather that fast fashion cannot be resold. That growth has sparked concerns among experts with many arguing that the category’s environmental impact is increasing, despite more consumers understanding the importance of sustainable consumption as unsold goods - secondhand or not - still end up in landfill. Resale’s increasing popularity and growth could see it follow a similar trajectory as the fast fashion industry, sustainability experts warn. The concept was inspired by a Thredup survey that found over 33 per cent of consumers are resolving to “quit” fast fashion this year. In February this year, the platform teamed up with influencer Nava Rose, who has over 6 million followers on TikTok, to launch The Dump Fast Fashion Shop, a ‘trend-forward’ secondhand storefront that allows consumers to thrift Rose-inspired outfits using Thredup’s AI tool, which shows users similar items listed on Thredup. In August 2022, Thredup tapped Stranger Things star Priah Ferguson for the launch of its Fast Fashion Confessional Hotline, an initiative to help combat Gen Z’s enthusiasm for fast fashion. Thredup has been strengthening its relationship with Gen Z over the past 12 months, and it’s positioned itself as an alternative to fast fashion to do so. Eighty-two per cent of retailers who already offer resale expect resale to generate a positive return on investment. In responses to the report, more than one-third of retailers say they would be encouraged to cut new production if resale proved to be successful. ![]()
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