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.

Business + Economy

FILE - President Joe Biden speaks on student loan debt forgiveness, in the Roosevelt Room of the Wh...

AAMER MADHANI, COLLEEN LONG and COLLIN BINKLEY Associated Press

Biden says too many Americans are saddled with school debt as he cancels federal loans for 153,000

The first round of forgiveness from the SAVE plan will clear will help with $1.2 billion in student loans.

5 hours ago

Utah MLB...

Aimee Cobabe

Legislature approves bill funding Utah MLB stadium, Fairpark District

As it reads now, House Bill 562 retains an increased tax on car rentals, but removes a hike in the hotel tax.

1 day ago

FILE: A "For sale" sign in front of a home in North Salt Lake on Monday, Oct. 30, 2023....

Curt Gresseth

Utah home prices not likely to fall soon, says real-estate expert

Utah home prices are back up and so are interest rates -- and they will stay high says a Utah real-estate expert.

1 day ago

A nurse works in the laboratory room in El Nuevo San Juan Health Center at the Bronx borough in New...

Tammy Kikuchi

Skeptics have doubts about universal health care model for Utah

One of the biggest concerns is affordability, according to a recent presentation at the Kem C. Gardener Policy Institute.

1 day ago

Salt Lake City’s downtown skyline on Tuesday, Jan. 30, 2024. Jazz owner Ryan Smith continues to d...

Mariah Maynes

Utah Jazz owner hypes potential “sports-centered” downtown Salt Lake

Ryan Smith, the owner of the Utah Jazz, is hyping up the possibility of bringing more professional sports teams to Utah. 

2 days ago

FILE: An Angel bike given to the family of Eli Mitchell in April, 2023. Mitchell was hit and killed...

Britt Johnson

Families of drunk driving victims fight possible new Utah liquor license legislation

The bill sponsored by Rep. Jefferson Burton would increase the number of liquor licenses issued by the state of Utah.

3 days ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

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