BUSINESS + ECONOMY

Got these brands in your closet? You’ve hit a resale goldmine

Jun 23, 2020, 12:55 PM | Updated: 12:59 pm
ThredUp's annual resale industry report projects total sales of reworn clothing to reach $64 billio...
ThredUp's annual resale industry report projects total sales of reworn clothing to reach $64 billion in sales by 2024. Photo credit - Gani Pinero/ThredUp

 (CNN) — Pandemic-triggered quarantine has many people cleaning out their closets and considering reselling clothes that they no longer need. If you’re looking to make some cash on clothing resale platforms, check your closet for brands that have the best resale value.

Reworn clothing is a growing market that is expected to reach $64 billion in sales by 2024 from current sales of $28 billion, according to a new joint annual industry report from ThredUp, the world’s largest online thrift and consignment platform, and research and analytics firm GlobalData.

According to the report, 62 million women purchased secondhand in 2019, up from 56 million women in 2018. And just this year alone, the online secondhand marketplace is expected to grow 27%, while the broader retail sector is expected to shrink by 23%, the report showed.

Check your closet for these brands

ThredUP released a list of the brands with the best overall resale value on its platform, which it determines by assigning scores that take into account a brand’s demand, virality, and value to the seller.

Frye — the leather goods company best known for its beloved boots — topped the list for the second year in a row.

Other notable brands with excellent resale value include fashion labels Tory Burch, Kate Spade, and Coach. Outdoor clothing brand Patagonia also made it into ThredUP’s top 10.

Iconic eyewear brand Ray-Ban made the cut as did eco-friendly clothing brand Reformation, which prides itself on using sustainable fabrics.

Resale platform Poshmark doesn’t assign brands a resale value, but it does release the most popular brands on the platform. Since March, the most popular brands haven’t been luxury brands per se but “mall brands.” For example, among the most-bought brands purchased by women this year were Lululemon, Free People, Anthropologie and J Crew. Nike, Adidas, Under Armour, and Patagonia were the most popular brands purchased by men on Poshmark.

For Poshmark shoppers, these brands signal comfort, affordability, and widespread appeal.

Online luxury consignment site The RealReal gave a glimpse into the top 10 brands that have held the highest resale value on the platform over the last decade.

On the list are luxury brands Hermès, Louis Vuitton, Goyard, and Tiffany & Co. For Hermès, the item that’s consistently held the highest resale value is the ultra-pricey Hermès Birkin bag. A new Birkin bag can cost close to $10,000 all the way up to hundreds of thousands of dollars.

Meanwhile, Gucci, Fendi and Dior are the top three brands with the fastest growing resale value in the same time period, according to The RealReal.

Recycled fashion’s popularity is on the rise

While consumers — led by millennials — were already actively embracing secondhand clothing before the pandemic because of its sustainable model, the resale market during the pandemic got an added boost as widespread job losses encouraged budget-conscious shoppers to search for bargains

Value isn’t the only driver, however. The ThreadUP report showed 80% of consumers no longer feel there is a stigma to buying used fashion. This has made them comfortable shopping for it, and flaunting their resale finds.

“There’s no doubt that millennials and Gen Z have accelerated this trend in the last few years. But now we’re seeing baby boomers and Gen X adopting it, too,” said James Reinhart, co-founder and CEO of ThredUp.

Reinhart said resale consumers now feel proud to shop for secondhand clothing because they have made it a priority to help reduce clothing waste.

The report estimates that If everyone bought one used item this year, it would save 5.7 billion pounds of carbon emissions, or the equivalent of taking half a million cars off the road for an entire year.

The popularity of the resale marketplace isn’t lost on the retail industry. Companies like Nordstrom, Abercrombie & Fitch, and most recently, Walmart, have entered the space. In May, Walmart announced it had partnered with ThredUp to sell previously owned branded clothing, shoes, handbags and more online.

“When I zoom out and compare 2020 to 2019, what’s happened is that the resale market is no longer niche but has become mainstream,” said Reinhart. “Consumers are feeling a lot of pride that shopping resale is the right thing to do.”

The-CNN-Wire
™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

Business + Economy

Homes line the horizon in Daybreak in South Jordan on Wednesday, July 13, 2022. The world's populat...
Allessandra Harris

South Jordan could see new housing development

Amid Utah's housing crisis, developers are taking advantage of over 200,000 acres in South Jordan for a new housing community.
1 day ago
A hiring sign is displayed in the window of a Panera Bread store in Pittsburgh on Monday, Jan. 23, ...
Paul R. La Monica, CNN

Jobs report to give further clues about where economy is headed

Economists predict that 185,000 jobs were added last month, a slowdown from the gain of 223,000 jobs in December and 263,000 in November.
2 days ago
File**People walk past the entrance to a Bed Bath & Beyond retail store along Sixth Avenue in N...
Paul R. La Monica and Nathaniel Meyersohn, CNN

Bed Bath & Beyond says it can no longer pay its debts

The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase.
4 days ago
With 24 other states on board, the Utah Attorney General announced on Friday a lawsuit against a De...
Simone Seikaly

Utah leading a lawsuit against new ESG rule affecting 401(k) plans

Utah Attorney General Sean Reyes said the states in the lawsuit are concerned about the federal government's promotion of ESG investing.
4 days ago
savings system right on the money...
Mark Jones

Economists are worried of a recession in 2023, financial expert weighs in

Many economists are fearing a recession in 2023 despite the U.S. economy ending last year better than expected.
5 days ago
A new service called Cottonwood Connect could address parking problems at the ski resorts in Big an...
Kate Davis and Simone Seikaly

Cottonwood Connect offers a new way to get up Cottonwood Canyons

The goal is to fill gaps left when UTA limited ski bus service. The shuttle will run Thursday through Sunday through mid-April.
5 days ago

Sponsored Articles

Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...
Macey's

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
Spicy Homemade Loaded Taters Tots...
Macey's

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
Got these brands in your closet? You’ve hit a resale goldmine