Thrifting was the big commerce hit of 2021
The Future. Secondhand shopping is all the rage thanks to economic pressures, a push for sustainability, and trends on TikTok. While a raft of platforms has popped up to support the enterprising thrifter — ThredUP, Depop, TheRealReal — brands are threading secondhand shopping right into their business plans… which could soon be a major revenue driver as customers search for a good deal.
Rack it up
Per Input, secondhand shopping put up some first-rate numbers.
- A recent report from OfferUp found that the recommerce market — encompassing everything from fashion to furniture to electronics —grew by a record 15% last year.
- 272 million Americans now buy or sell pre-owned products, spending an average of 27 minutes a day on secondhand marketplaces (almost as much time as they spend on social media).
- Why the move to secondhand? 50% say it’s for the discounts (inflation is a big driver), while 21% cite wanting to lower their carbon footprint.
- Additionally, two out of five Americans — with an ever higher percentage of Gen Zers and Millennials — sell secondhand as a primary or secondary form of income.
And secondhand shopping isn’t heading to the clearance rack anytime soon — spending is expected to hit $289 billion by 2027.