Secondhand Shopping
The Pandemic is Accelerating a Shift Towards Thrifting
The service industry more than any other, has been devastated by a mix of Covid, lock downs and civil unrest. Stores have had to quickly come up with new practices that keep both employees and customers safe while diving deeper into the unknown. However, one segment of the retail industry that has thrived during this time is secondhand (resale apps included). In fact, according to Thredup's 2020 Resale Report done by GlobalData, the secondhand market is expected to grow by almost 30% while the broader retail segment is projected to shrink by at least 20%.
A shift to using resale sites and apps during lock down was a natural reaction, and living in the era of Marie Kondo, people took to cleaning out their closets and dressers in a frenzy. Doing so led to a supply increase in stores and online, especially higher quality items since people had the time to fully assess what they owned. But while apps like Depop are thriving, there is hesitance to shop secondhand when it comes to going to physical stores. Common misconceptions about secondhand or vintage being dirty, combined with having to search through stuffed racks and piles in a confined space is causing people to stay away. And for some stores, the transition to move their products online for the short term isn't worth it. The stores who are able to are implement some sort of re-commerce strategy now, will most likely thrive later in the future.
So while the pandemic may have accelerated the trend to buying secondhand, there are other factors that have been causing this shift for years. One of the biggest being a rise in environmental consciousness and the circular economy. By keeping pieces in circulation instead of buying new items or tossing them, we help to reduce carbon emissions. Even though everyone isn't shopping secondhand yet, trends towards sustainability and ethically sourced clothing is on the rise. Another contributing factor has to do with price point. Thrifting and shopping secondhand is more affordable, except for in the case of vintage or hard to find luxury pieces. During a time that many are unemployed or simply looking for a little bit of comfort at an affordable price, secondhand shopping can provide a place of peace without feeling guilty about spending a lot of money or further adding to the world's climate crisis.
Lastly, Millennials and Gen Z are huge factors to this growing trend. Besides being the largest consumer groups, Millennials and Gen Z have very similar, intertwined values that will contribute to growth in sustainable practices. Not only do these sustainable aspects appeal to us, but the ease of using an app to sell and make profits on our own time is wildly appealing. And while other generations also care about the environment, ours will be the ones to really take these initiatives and put theme into practice.
It has been uneasy to watch stores shut down one after another, especially with no clear end in sight. One of the few positives positives that have come from this, is the agency we’ve gained by participating in the resale economy. Being able to have control over something even as small as who we sell our clothes to or a purchase made with less guilt, seems like a win these days.
