U.S. secondhand market to reach $82 billion by 2026- ThredUp report

ThredUp

17/05/2022 13:18

** The U.S. secondhand market is projected to more than
double by 2026, reaching $82 billion, according to a ThredUp
report, conducted by retail analytics firm GlobalData
 urn:newsml:reuters.com:*:nPnL5gYha
    ** Online resale is the fastest-growing sector of the U.S.
secondhand market and is expected to grow nearly four times by
2026 - the report
    ** About 58% of consumers said secondhand h helped them in
some way during a time of inflation - the report
    ** If inflation persists, the value proposition of
secondhand will go up and that portends a bright future for the
industry - CEO James Reinhart tells Reuters
    ** About 62% of Gen Z and millennials said they look for an
item secondhand before purchasing a new item - the report
    ** The report also says global secondhand apparel market
will grow 127% by 2026 – three times faster than the global
apparel market overall
    ** Through last close, TDUP shares were down 62% this year

 (Reporting by Reshma Rockie George and Praveen Paramasivam)
 ((Reshma.George@thomsonreuters.com))