In contrast with a general downward trend in retail, resale is on the rise. The online secondhand market is set to grow 69% between 2019 and 2021, while the broader retail sector is projected to shrink 15%, according to online thrift platform threadUP. The industry shows no signs of slowing down. From luxury to furniture, big brands are going circular, taking ownership of the full life of their products and finding favor with young and sustainably conscious consumers.
- Mulberry is staking its claim on secondhand. The luxury brand announced their new online buy-back program, Mulberry Exchange, in March.
- Etsy is making a big bet on second-hand; the maker’s marketplace bought second-hand app Depop for $1.6 billion in June, catering to gen Z shoppers—90% of Depop’s active users are under the age of 26—and scaling the resale market to an international level.