#31: thredUp just released its 2024 resale report
Breaking down the highlights from the latest resale report and what is getting us excited about where things are headed.
đ¤ New ThredUp Resale Report just dropped: Read the full report here!
Some initial takeaways:
1ď¸âŁ The US secondhand apparel market is expected to reach $73 billion (with a B) by 2028, growing 15X faster than broader retail last year. Itâs here. Itâs happening. Letâs keep the foot on the pedal!
2ď¸âŁ 65% of the incremental secondhand spend is expected to come from â new to resale shoppers â. This is precisely why we made Beni. People are excited to explore the world of resale but need some help navigating the ins and outs as they change their behavior. We are the welcoming party and our goal is to make you feel at home!
3ď¸âŁ Value is King. 60% of consumers say shopping secondhand apparel gives them the most bang for their buck. While shopping secondhand is more sustainable than buying new, the biggest appeal to most new shoppers is the price. We often talk about how resale allows you to ladder-up at every level and get higher quality at a discounted price. Overtime this makes room for better-made items to enter at the top and reduces demand for all the sh** at the bottom (of which there is a lot).
4ď¸âŁ Brands are getting in the resale game as a way to acquire new customers. 163 brands now offer resale shops - up 31% year-over-year. We love to see this and it gets us excited about a future where resale becomes the norm. Shoutout to our existing partners at Patagonia Wornwear and all the Treet-powered resale brands â weâre manifesting getting even more branded-resale into our database this year!
5ď¸âŁ Resale isnât all about Gen Z. Thrifting transcends generations, but its appeal and purpose change throughout a shopperâs life. This section was really interesting and we want to dig in more here. Have thoughts or comments? Leave them below!
OWTN followers, we want your thoughts:
You asked. We answered.
Something we were recently asked: Does Beni work on menâs clothes?
Answer: Yes. 1000% yes. In fact, I might even go out on a limb and say it often works even better for menâs clothes because menâs styles donât change over as quickly so there are more relevant listings available.
Have another question? Just ask. Simply reply to this email and weâll get back to you ASAP (and potentially include it in a future newsletter). Someone else is probably thinking the same thing and they will thank you for it!
#benifinds for summer wedding season:
Wedding season is here and while we of course love love, letâs be realâŚitâs expensive! Beni to the rescue to make sure you can look great without breaking the bank â check out these wedding season essentials!
Note: If you clicked on the shop button you realized that it just went to the website. Itâs not broken, weâre just testing whether people want to shop collections â and apparently you do (yay!).
Why we do what we do (Reason #124)
Sometimes it can get easy to focus on all the things that need to get better (and there are a lotâŚ) BUT then you get a DM like this and you remember why weâre building what weâre building. Soooo thank you for sharing, it really was the fuel we needed this week!
Community Spotlight: Recylpt Playground Event in NYC
Join Reclypt for a day to explore all aspects of circular fashion!
On April 13th in NYC our 2nd Circular Fashion Playground will be bringing people from all stages of the circular journey together to explore which circular practices work for them. Through panels, upcycling workshops, repair cafe, swaps, upcycled & vintage fashion, closet sales, and more, the attendees can walk away with resources and a better idea of why and how a circular wardrobe is necessary.
Register using BENI PROMO CODE: CFP5!
Coming up with BeniâŚ
April 11th: Kate speaking on âFuture of Shoppingâ panel at Neuehouse in LA âRSVP here!
April 11th: Celine speaking on âBuilding a Regenerative Economyâ panel in LA â RSVP here!
April 17th-18th: Sarah and Kate are heading to Sustainable Fashion Forum in Austin. Let us know if youâll be there!
April 26th: Sarah speaking on âSolutions for Sustainable Livingâ panel in SF â RSVP here!
June 4th: Weâre co-hosting a pop-up event during NY Tech Week â details coming soon!
TBD: Where else should we go??
Itâs almost our 3rd birthdayâŚ
May 17th: Itâs our companyâs birthday, which feels like a great excuse to celebrate! Anyone want to meet us for happy hour in Chicago, LA, or SF?