Retail

Resale market expected to be valued at $64 billion in 5 years

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A ThredUp warehouse.

Source: ThredUp

Despite the coronavirus pandemic upending much of the retail industry and putting a damper on apparel sales, the secondhand clothing market is still expected to boom, according to one online, resale marketplace. 

The secondhand apparel market is valued at about $28 billion today and is forecast to reach $64 billion within the next five years, ThredUp said in its annual report, which is completed in a partnership with the third-party research firm GlobalData Retail. 

It said the resale market grew 25-times faster than the overall retail market last year, with an estimated 64 million people buying secondhand products in 2019. 

“Resale is here to stay,”…



Source cnbc.com

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