News flash! Retail stores are overrated. Here’s why…
Reduce – Reuse – Recycle. The phrase that Millennials and Gen Z have re-defined and brought back into the world.
While this is great news for the earth and many other things…it is horrible news for retail. The fact is, consumers want to reuse more, and at an affordable price. Styles come and go very quickly, leaving consumers with hundreds of clothing items lying around their house with no further use.
The solution? Sell, buy, re-sell. One man’s trash is another man’s treasure, right?
According to planetaid.org, a study was performed by an online used clothing retail store, thredUP. It shows that purchases of used clothing items are rising quickly, especially among younger shoppers.
Within the next five years, the second-hand clothing market is expected to double. From 2017 to 2019, Millennial and Gen Z second-hand sales have increased by 37% and 46%, respectively. While the majority of the crowd that is driving this increase involve the younger generation, growth is being observed in all age groups.
That’s not all. thredUP is not the only online used clothing retail store that is gaining popularity. Poshmark is another popular site that even has a smartphone accessible application. It is a leading social commerce marketplace where consumers and sellers from the United States can buy and sell new or used clothing, shoes and accessories.
Furthermore, the popular store, Urban Outfitter’s, is launching a new clothing subscription called Nuuly. For just $88 a month, consumers can explore different styles and trends, and then pick up to six to be delivered to their door.
What is leading to such an increase of these new buying-selling trends?
Millennials and Gen Z crave a more sustainable and ethical environment. Reusing and reselling clothes are a great way to save and share resources. Secondly, as mentioned earlier, fashion trends are continuously changing. Consumers want to be able to change their wardrobe along with the changing fads.
Overall, this new trend might be something that is worth checking out. The style of shopping is changing and creating a more enjoyable, creative and affordable environment.
Retailers on the other hand may say otherwise.
Article by Anna Sachs