The Secondhand Market is Projected to Double in the Next 5 Years
The largest online thrift store and leader in the secondhand women’s clothing industry, ThredUp, released its Annual Resale Report and published new data which revealed the secondhand market is projected to double in the next 5 years, reaching $77B. According to the 2021 report, the secondhand market is expected to be 2X bigger than fast fashion by 2030.
Nearly 2 in 5 Thrifters say they are replacing fast fashion purchases with secondhand. And while clothing and apparel is leading the growth of the secondhand market, the secondhand sneaker market is on fire too. There are multiple factors contributing to the rapid growth in the secondhand sneaker market.
For starters, there is a massive supply of footwear than can be resold. It is estimated 300M pairs of shoes and sneakers are thrown into U.S. landfills each year alone.
Purchasing used sneakers also reduces fashion’s impact on our planet, which is important to the younger consumers who are fueling the growth in secondhand.
Additionally, buying secondhand sneakers has a major impact on consumers’ wallets. Nearly 3 in 4 Thrifters prefer retailers that help them save money. Since the pandemic, 1 in 2 consumers care more about seeking value than before the pandemic.
But, while Thrifters are deeply motivated by sustainability and value, it’s the unique experience of finding hidden treasures they desire the most. Nearly 50% of secondhand shoppers prefer retailers that offer fresh, new arrivals every time they visit and nearly 50% of consumers prefer brands that offer the excitement of not knowing what they’ll find. It’s science, really. When the brain anticipates a pleasure like a great thrifting find, it releases dopamine, the neurotransmitter your body uses to send messages like pleasure to other nerve cells. In simple terms, thrifting for a pair of pre-loved sneakers is fun and makes us happy.
At SneakerCycle, we’re committed to sustainable fashion for a sustainable future. We are leaders in sneaker thrifting and we’re passionate about creating a circular ecosystem in the footwear industry. Our online store has tens of thousands of unique secondhand sneakers available for purchase and hundreds of new arrivals are published daily. From gently worn to moderately used, we provide the best value and variety of sneaker styles, brands, and categories including but not limited to: Nike, Adidas, Air Jordan, New Balance, Asics, Brooks, Saucony, Hoka One One, Reebok, Merrell, Puma, and more.
When you’re ready to shop for your next pair of sneakers (and get your fix of dopamine and happiness), visit us online and start shopping!