Apparel Resale Massive Growth, H&M Rebounds

| INSIGHTS

The apparel resale market experienced exceptional growth in 2023, significantly outpacing the total U.S. apparel market.

ThredUp's 2024 Resale Report revealed that global sales in this sector reached $197 billion, with the U.S. market projected to soar to $73 billion by 2028. Online resale played a pivotal role in this surge, witnessing a 23% year-over-year growth in 2023, exceeding overall secondhand market growth. Notably, 45% of Gen Z and millennial consumers prefer online secondhand shopping, indicating a shifting consumer preference towards value-driven purchases.

Additional insights

• 74% of consumers prioritize value when making apparel purchases.

• Branded resale initiatives saw a 31% growth in 2023.

• 67% of retailers offering resale reported acquiring new customers through this channel.

• Lululemon emerged as the top-performing brand in resale in 2023, followed by Patagonia and Vuori.

| NEWS

Retail

• H&M surprises with boost in spring sales and profit

• Dollar Tree will increase its price cap to $7 on select items

• Asos suffered double-digit decline in sales due to heavy discounting

• GameStop sees consumers shifting to online, as instore sales drop

• Tractor Supply partners with Martha Stewart on lifestyle apparel line

Ecommerce

• Chewy to expand into opening different version of physical spaces

• TikTok ban could hurt small businesses and ecommerce

• Has the Luxury E-Commerce bubble burst?

• Merchants incur an average cost of $3.00 for every $1 of fraud

Fashion

• Aéropostale & Global Citizen launch Take Action line

• Nike reveal shift away from trendy apparel

• LIV Golf's Smash GC unveils apparel partnership

• LSpace founder sells ownership stake to partners

• Dr. Martens launches recycled leather collection and resale platform

| EVENTS

Mar 27 - Consumers Want Meaningful Content. Can Brands Deliver? (rsvp)

Mar 27 - SheInnovates (rsvp)

Mar 27 - Consumers want Meaningful Content. Can Brands Deliver? (rsvp)

Mar 28 - Measure the Impact of Gen Z (rsvp)

April 23 - 25 - Stripe Sessions (rsvp)

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