ThredUp’s 12th Annual Resale Report Reveals Resale Grew 15X Faster than Retail in 2023

OAKLAND, Calif.--(BUSINESS WIRE)--Mar 27, 2024--

ThredUp (Nasdaq: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, today released the results of its 2024 Resale Report. Conducted by third-party retail analytics firm GlobalData, the 12th annual study serves as the most comprehensive measure of the secondhand market globally and in the U.S., with forward looking projections through 2033. It also includes new insights about trends driving online resale’s growth, momentum in branded resale, and a special section about the government’s role in reducing fashion’s impact and potential implications for this year’s election. The report’s findings are based on market sizing and growth estimates from GlobalData; a survey of 3,654 U.S. consumers over the age of 18; and a survey of 50 top U.S. fashion retailers and brands.

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(Graphic: Business Wire)

“The global secondhand apparel market continues to burgeon - a testament to the intrinsic value shoppers find in the secondhand experience and proof of the seismic shift towards a more circular fashion ecosystem. 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. 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.” – James Reinhart, CEO, ThredUp

“With more than half of all consumers shopping for secondhand apparel last year, it’s evident that resale is now firmly embedded in the fashion landscape. Secondhand buying transcends generations, with the role of resale changing throughout consumers’ lives. Younger shoppers turn to secondhand for self-expression and to help create their personal style; parents rely on secondhand to outfit their families in a cost-effective and eco-conscious way; and older generations turn to secondhand to snag affordable, higher-end brands and for the thrill of the hunt. Secondhand’s flexibility in meeting such varied needs is a key reason it’s become so popular and has such a promising growth trajectory.” – Neil Saunders, Managing Director, GlobalData

The top five trends from ThredUp’s 2024 Resale Report include:

(all figures pertain to the U.S. unless otherwise noted)

The secondhand apparel market is outpacing the broader retail sector at a notable clip. Online resale is seeing accelerated growth.

Shoppers gravitate towards buying secondhand apparel online. For the first time ever, younger generations prefer buying online versus in a brick-and-mortar store.

(Graphic: Business Wire)

Resale thrives in a value-seeking environment where shoppers are buying on a deal.

Branded resale is booming. Retailers are generating revenue, advancing sustainability goals, and acquiring new customers.

Government action could accelerate the transition to a more sustainable future for fashion. Voters say they’ll favor candidates who support circularity.

To see the 2024 Resale Report, visit thredup.com/resale.

About the 2024 Resale Report

ThredUp’s annual Resale Report contains research and data from GlobalData, a third-party retail analytics firm. GlobalData’s assessment of the secondhand market is determined through consumer surveys, retailer tracking, official public data, data sharing, store observation, and secondary sources. These inputs are used by analysts to model and calculate market sizes, channel sizes, and market shares. Further, for the purpose of this report, GlobalData conducted a December 2023 survey of 3,654 American adults over 18, asking specific questions about their behaviors and preferences for secondhand. GlobalData also surveyed the top 50 U.S. fashion retailers and brands in December 2023 to gather their opinions on resale. In addition, ThredUp’s Resale Report also leverages data from the following sources: ThredUp’s Recommerce 100 and internal ThredUp customer and brand performance data.

About ThredUp

(Graphic: Business Wire)

ThredUp is transforming resale with technology and a mission to inspire the world to think secondhand first. By making it easy to buy and sell secondhand, ThredUp has become one of the world's largest online resale platforms for apparel, shoes and accessories. Sellers love ThredUp because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers love shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Our proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. With ThredUp’s Resale-as-a-Service, some of the world's leading brands and retailers are leveraging our platform to deliver customizable, scalable resale experiences to their customers. ThredUp has processed over 172 million unique secondhand items from 55,000 brands across 100 categories. By extending the life cycle of clothing, ThredUp is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.

Forward-Looking Statements

This release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "predict" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Except as required by law, ThredUp has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

SOUTHAMPTON, N.Y. (AP) — Golf is filled with tales of players improving their score by 12 shots over two rounds. Most astounding about Keith Mitchell was doing it in just over two hours.

Mitchell set a U.S. Open record Thursday at Shinnecock Hills when he became the only player to post a score in the 40s on nine holes, and follow that with a score in the 20s on the next nine.

He went 41-29. It added to an even-par 70, and Mitchell still isn't sure what happened. He was coming off a bogey on the par-5 16th, and his first thought was whether he would finish.

“I was thinking about trying to break 80,” he said. “I was just trying to keep in it in the fairway, on the green and maybe have a chance to make the cut. And then it all flipped.”

His 29 tied the Shinnecock Hills record for nine holes set by Neal Lancaster in 1995 (Lancaster is the only player to twice shoot 29 on nine holes in the U.S. Open).

How it started is something Mitchell would like to forget. He went over the par-4 10th green to start his round, took two chips and two putts and had a double bogey. He went over the green on the par-3 11th and made bogey. Going long is to be avoided on those holes.

“All week I've been told not to do that,” Mitchell said. “It's the sum of all fears.”

After a string of bogeys, he hit a good tee shot into the par-3 17th and two-putted for par. He hit another good iron on the 18th and two-putted for par, both of them in the 20-foot range.

Those pars sparked the turnaround.

“There's a lot less pressure when you're 6 over and you're just rocking and rolling,” he said.

He was rolling, all right. The wind switched and was at his back on the first hole, so his caddie suggested he hit driver.

“Best swing of the day,” Mitchell said. It led to birdie, and he was on his way.

He hit wedge to 3 feet on the third, holed a 10-footer for birdie on the fourth, and then hit his second shot to 12 feet on the par-5 fifth and made eagle. He closed out his remarkable round with an approach to 8 feet on the rough nine for his 29.

He might have taken a 70 at the start of the day. He certainly would have taken it after his opening seven holes.

“If you hit the fairway, you have a chance — I didn't do that very often on the back nine — and then you have a chance to get on the green,” Mitchell said.

He did that on the front nine, not missing a fairway and only missing the green on one of the long holes. And suddenly, the game felt easy.

“Fortunately, I hit it really, really well,” he said.

AP golf: https://apnews.com/hub/golf

Keith Mitchell hits from the rough on the 13th hole during the first round of the U.S. Open golf tournament at Shinnecock Hills Golf Club in Southampton, N.Y., Thursday, June 18, 2026.(AP Photo/Gerald Herbert)

Keith Mitchell watches his tee shot on the 13th hole during the first round of the U.S. Open golf tournament at Shinnecock Hills Golf Club in Southampton, N.Y., Thursday, June 18, 2026.(AP Photo/Gerald Herbert)