Wednesday, December 11, 2019

Holiday Shopping in the Resale Market

'Tis the season... for holiday shopping. Yet trends in shopping are shifting. Black Friday and Cyber Monday have already passed us by... so if you missed those deals and the big box stores, boutiques, and shopping online isn't doing it for you, maybe you need to check out one of these trending gift destinations, where you're destined to get something one of a kind. What's this new shop in town?  Well, it's really not new. It's the idea of "thrifting," or getting your gifts from thrift stores, consignment or second hand shops, and taking advantage of a circular economy by saving money and saving resources.

Articles such as the November 14th, 2019 Bloomberg's "Used Stuff Is the Next Big Trend in Christmas Shopping" reiterate this concept. The "pre-owned marked" isn't as frowned-upon as it once was. In fact, ThredUp (an online thrift store) has forecasted resale as a booming and growing industry. Projections suggest the resale market could grow to a $51 billion industry by 2023. (There are a lot of great infographics here on ThredUp's 2019 Resale Report, including the screenshots shared here.)

Some big name companies are getting into the game as the resale market shops have been booming:

  • Fashionphile, an online portal for pre-owned purses and accessories, is a Neiman Marcus investment.
  • ThredUp partnered with Macy's Inc. & J.C. Penny Co. this August.
  • RealReal Inc is a high end consignment shop that went public in June to the tune of $300 million.
  • Poshmark has been on the resale rise since its founding last year.
Other shops that might be new to you in this "new-to-you" market:
  • Depop
  • Heroine
  • Thrilling
  • And of course, eBay's been around for awhile. As have Goodwill, Salvation Army, and your local consignment shops.

With all this in mind, clearly people are beginning to shop differently. Might be worth a pursuit or two this year as you are looking for "that perfect gift." Or, some of these platforms might be worth pursuing when you are looking to downsize old sizes or make room for all the new holiday gifts coming your way later this month!

All images from ThredUp's 2019 Resale Report:

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