Secondhand Apparel Marketplaces Expect Surge In Holiday Sales
Secondhand marketplaces Poshmark, RealReal and ThredUp are expecting a surge in sales, with apparel retailers struggling to stock up inventory ahead of the holiday season.
The U.S. apparel industry has been significantly battered by global supply chain issues, with the apparel retail sector reporting the highest out-of-stock levels online, according to Adobe Analytics. This is prompting consumers to turn up to secondhand clothing marketplaces to fill up their holiday shopping baskets as these platforms have largely remained unscathed from the various problems affecting retailers.
“Inventory is scarce right now. Consumers are going to shop where they find inventory to make sure they have things in time for the holidays,” said Jessica Ramirez, retail analyst at Jane Hali & Associates.
Poshmark, for one, expects its holiday-quarter sales to rise by 22.9 percent, while RealReal is expecting them to increase by 53.3 percent, according to Refinitiv.
These platforms are also seemingly benefitting from consumers’, especially millennials and Gen Z, interest in sustainable shopping practices that can help reduce their individual carbon footprint.
According to a survey by Accenture, more than a third of shoppers say are interested in buying secondhand apparel this holiday season, while 50 percent of U.S. consumers under the age of 40 plan to do so.
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