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ThredUp Report Shows Resale Grew Faster than Retail in 2023
According to a report by the online resale platform ThredUp, the resale apparel market grew seven times faster in 2023 than the retail clothing market. ThredUp’s 12th Annual Resale Report highlighted other significant findings, such as more than half of respondents (55%) saying they will spend more money on secondhand if the nation’s economy remains sluggish. Moreover, the secondhand apparel market is expected to reach $350 billion worldwide by 2028 and is growing at a rate of 12% each year. The report’s findings were obtained by surveying 3,654 U.S. adult consumers and 50 top U.S. fashion retailers and brands.
“As we celebrate this progress, we also recognize the powerful role the government can play in accelerating the transition to a more sustainable future for fashion. Now in its 12th year, the Resale Report shows some of the most promising signals of what that future could look like with increased levels of support,” said James Reinhart, ThredUp’s CEO. “Until fashion is no longer one of the most damaging sectors of the global economy, we will continue to advocate for the government to help drive adoption and behavior change in fashion.”
Data from the report was generated by Global Data, an analytics firm that compiled and presented the insights driving the trends in online and branded resale, which showed a 31% increase year-over-year, with 163 brands hosting resale shops.
Other highlights from the report show that online resale is poised to more than double to $40 billion by 2028, thanks to younger consumers, who comprised almost two-thirds of last year’s online secondhand purchases. The report also shows a potential shift toward sustainable shopping. Moreover, nearly two-thirds of retail executives say resale will be crucial to their revenue within the next five years.
Learn more about the report’s findings here:
https://ir.thredup.com/news-releases/news-release-details/thredups-12th-annual-resale-report-reveals-resale-grew-15x
Barclays Teams Up with WNBA’s New York Liberty
The US Consumer Bank and credit card issuer, Barclays, has announced that it is partnering with WNBA’s New York Liberty as its official banking partner in a multi-year deal. The deal is one of the most significant financial sponsorships in Liberty’s history, highlighting a commitment from both organizations to promote and advance gender equity on and off the court. The partnership was celebrated with an Opening Bell ceremony at the New York Stock Exchange, symbolizing a new era in women’s sports and community engagement.
“We are thrilled to welcome Barclays as the Liberty’s Official Banking Partner,” said Keia Clarke, New York Liberty’s CEO. “This investment is another example of how women’s sports are capturing the hearts and minds of sports fans around the world. The commitment of Barclays allows the Liberty to continually grow our business and broaden our impact. Our community is the ultimate beneficiary here, and we look forward to working alongside Barclays to provide young New Yorkers with the opportunities to develop life skills, a shared sense of community, and self-confidence through basketball.”
“New York is our home and the center of the financial world, and our sponsorship of the New York Liberty reiterates our pride in powering the people and communities that are the heartbeat of New York,” added Meghan Graper, Co-Head of Debt Capital Markets at Barclays.
Barclays and New York Liberty are also using the opportunity to give back to the Brooklyn community by expanding their support for the Good Shepherd Services’ Rebound Program. This initiative leverages basketball to foster youth employability and life skills, demonstrating the partnership’s broader impact beyond the court.
Learn more about New York Liberty partnerships here: https://liberty.wnba.com/corporate-partners/
West Elm Unveils New Mobile iOS Design and Shopping App
West Elm is introducing an innovative mobile app for design enthusiasts and tech-savvy shoppers. The Brooklyn-based company is part of Williams-Sonoma’s portfolio and is known for its commitment to creativity, style, and sustainability.
“Delivering a fun and frictionless shopping experience is always our top priority. We are proud to introduce a mobile-first, customizable platform that creates an opportunity for users to experience all that West Elm has to offer through an elevated mobile experience,” said Day Kornbluth, West Elm’s President.
Users will benefit from a customizable platform that caters to their unique needs, from filtering options for precise shopping to on-demand design support provided by the expert Design Crew. The app also promises shareable wish lists, registry management, and timely checkout, including Apple Pay integration for secure transactions.
Learn about West Elm collaborations (makers, artists, artisans, partners, and more) on its website: https://www.westelm.com/shop/collaborations/
Read More on Trends, Updates, and Industry Leaders
Original Article Links:
ThredUp’s 12th Annual Resale Report Reveals Resale Grew 15X Faster than Retail in 2023
Barclays to Become the Official Banking Partner of WNBA’s New York Liberty
WEST ELM LAUNCHES NEW MOBILE APP
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