A few years ago, trends demanded that shoppers frequently buy new pieces from fast-fashion brands like SHEIN. However, new trends have flipped this unsustainable practice upside down. <\/p>\n\n\n\n
\u201cHaven\u2019t you worn that tank top already?\u201d turned to \u201cLook, I just thrifted this new tank top!\u201d and \u201cpre-owned\u201d turned to \u201cpre-loved.\u201d Now, customers want to give their money to companies that are making an effort to care for the environment. A report by the popular resale platform ThredUp predicted that used clothing sales would climb to $77 billion by 2025, over double than the $36 million sales in 2021. Many companies have responded to this by embracing the growth of the secondhand market. <\/p>\n\n\n\n
Retailers such as REI, Madewell, Patagonia, and Eileen Fisher utilize a trade-in model, allowing customers to send in their used items and receive discounts or gift cards in return. The company then recycles or repairs those items for resale. Other brands like ASOS and H&M-owned Cos have incorporated a peer-to-peer model, where consumers buy and sell their used items on an online marketplace. The retailer takes a cut of each sale. <\/p>\n\n\n\n
Both models have their pros and cons, but one thing is for sure: Companies who are incorporating resale into their business models are increasing their profit. The secondhand clothing industry is here to stay.<\/p>\n\n\n\n
One 2021 study by Piper Sandler estimated that as much as 8% of Gen Z\u2019s shopping budget is devoted to the secondhand market, and over half of teens have purchased used apparel. It is apparent that these numbers will only grow larger, especially with more people advocating for cleaner environmental practices. <\/p>\n\n\n\n