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U.S. secondhand apparel sales hit $73 billion

Illustration of a dress on a hanger with a dollar sign on top

Illustration: Sarah Grillo/Axios

The U.S. secondhand apparel market has grown 11% annually on average and reached $73 billion last year, according to a ThredUp Resale Report.

Why it matters: The market's rise signals how much value is a priority for consumers as inflation continues to squeeze wallets.

By the numbers: Around 52% of the 3,654 U.S. adult consumers surveyed by GlobalData shopped secondhand apparel last year.

  • Globally, the market is projected to reach $350 billion by 2028.
  • Online resale is projected to more than double by that same period to $40 billion.

Between the lines: Most retail executives say their customers care about sustainability, and that's driving them to participate in the market, ThredUp CEO James Reinhart told Kimberly on the sidelines of Shoptalk.

  • Around 74% of retail executives on the sidelines say they're considering or planning to get into the resale game, per the report.
  • The top 50 U.S. fashion retailers were surveyed.

Zoom in: About 55% of consumers say they plan to spend more on secondhand apparel if the economy doesn't get better.

What they're saying: "The value proposition of ThredUp remains wildly compelling in this economic climate," Reinhart says.

  • Consumers are showing that they're more willing to buy secondhand than ever, he says.

1 fun fact: Around 40% of the consumers polled say they are more likely to vote for a candidate that's supportive of sustainable fashion.

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