![]() ![]() ![]() The growing trend among younger consumers is part of the reason Walmart sought out a partnership with ThredUp in May 2020. When shopping for apparel, 41% said the first place they look is a secondhand marketplace. The survey found that 62% of Gen Z and Millennials - ages 26 and 41 - say they often look for a secondhand item by checking multiple marketplaces before they purchase new. By 2026, ThredUp estimates that the online resale market will make up 50% of the total category sales. The report said 70% of consumers say it’s easier to shop for secondhand items than five years ago, thanks to the emergence of technology and online marketplaces. ThredUp said technology and online marketplaces are driving growth in the U.S. The market reported a record 32% growth in 2021. secondhand market is expected to more than double by 2026, reaching $82 billion. ThredUp says from its survey that the U.S. ThredUp, an online consignment and thrift store for fashion apparel, recently reported that 244 million consumers are open to shopping for secondhand products. ![]() Market analysts with Morning Consult said more consumers are likely to seek out the best possible values, including thrift shopping. Jackson said she hasn’t yet gifted used products but has not ruled it out. Jackson said she prefers to shop marketplaces for some luxury items that would stretch the budget if purchased new. She is also open to receiving recycled products as gifts.Īnna Jackson of Fayetteville, a 35-year-old homeowner, said she shopped at Potter’s House thrift shop in Fayetteville for home furnishings a few months ago because she liked the value and was looking for vintage mid-century modern pieces for her home. Hanks also said she scored a secondhand refrigerator for a great price thanks to social media. Millennial consumer Ashlea Hanks, 32, of Dallas, recently purchased home furnishings on Facebook Marketplace, opting to outfit her new abode with secondhand furniture she says is more affordable and sustainable. The trend once more prevalent among Gen Z consumers - young adults under age 25 - is now becoming more mainstream. Inflationary pricing and rising interest rates have more consumers considering buying secondhand items. ![]()
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