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Consumers interested in buying secondhand apparels


Secondhand apparel is the new trend among shoppers & hence people want the government to give it a boost. 44% of the consumers believe that the government should work towards a sustainable approach to fashion, such as offering tax breaks to brands or shoppers that buy secondhand clothing. According to a survey by an online resale site ThredUp, consumers are moving towards eco-friendly habits. Anthony Marino, ThredUp president said that initiatives such as plastic bag fees & tax credits for electric vehicles have inspired the desire to reduce waste for the apparel industry. During the pandemic, a huge amount of clothes, shoes & other items have remained unused for a long time. The budget constraints that people have faced during the recession have also become the reason for resale as a source of extra income. Youth is interested in buying a brand name at affordable prices. Such an option is provided by companies like ThredUp & Poshmark. According to GlobalRate research, the resale business is going to be double in the coming five years from $36 billion in 2021 to $77 billion in 2025. The growth rate is 11 times faster than the retail clothing sector. ThredUp was publicized in March & had signed deals with many retailers including Walmart, those who resale items or where customers can drop off their clothes. On Tuesday, the shares rose to $25.88, about 85% of the initial public offering which was $14. As per the survey, 33 million consumers bought secondhand apparel last year. 76% of these first buyers plan to increase their spending in the next five years.

Source: CNBC

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