Online Resale Appears To Be Pandemic-Proof
One of the biggest stories to come out of the Covid-19 pandemic is the devastation of retail — especially of businesses that relied on brick-and-mortar sales, many of which have declared bankruptcy or shuttered altogether due (at least in part) to the pandemic. But even as discretionary spending has dried up for many Americans, certain segments of retail are apparently thriving. One is online resale — i.e. sites like Thredup, The Real Real and Vestiaire Collective. On Tuesday, Thredup released the results of its 2020 Resale Report, conducted in partnership with third-party research and analytics firm GlobalData, to examine the trends and trajectory of the $28 billion resale apparel market. Each year, the report illustrates how consumer spending is shifting more and more towards the secondhand market. (It’s worth noting that although data was collected in partnership with a third party, it’s presented by and supports the validity of Thredup.) Its latest findings are no different. But, for the first time, the report reflects the impact of a global health crisis and ensuing economic downturn. Read more at Fashionista.
