ThredUp: Resale market forecasted to reach 64 billion dollars in the next 5 years

The spread of the coronavirus has presented the vast majority of the fashion industry with uncertainty, as retailers had to close shop, fashion events were cancelled or postponed and consumer shopping behaviors changed. But, the resale market acted as a bright spot in this otherwise bleak reality: according to ThredUp’s annual Resale Report, throughout the lockdown period, the resale company has maintained a 20 percent year over year growth in weekly gross transaction value. This can likely be attributed to the ‘quarantine clean out frenzies’ that people were engaging in, as 50 percent cleaned out their closets more than before the pandemic.