The second-hand e-commerce market is booming, and the new crown epidemic has further accelerated the development of this process. During the 2020 holiday period, more American consumers began to buy second-hand luxury clothing, accessories and jewelry.
Tradesy sales surge
The US second-hand online luxury goods platform Tradesy reports that in the past few weeks, sales of second-hand high-end shoes, jewelry and handbags have surged.
Tracy DiNunzio, CEO of Tradesy, said: "Usually, second-hand goods don’t see a surge in sales around the holidays, but this year the situation is completely the opposite. Consumers’ attitudes towards second-hand goods are changing. This month’s ring sales ratio Last year there was a surge of 92%, of which Cartier was the customer’s favorite. At the same time, sales of Saint Laurent boots increased by 36%."
DiNunzio said that the retail industry suffered greater losses due to the impact of the epidemic. Consumers have found more choices and better deals in the second-hand market. Although some stores are reopening, the number of new customers in the second-hand market continues to grow, and the demand for second-hand luxury goods is still strong.
U.S. second-hand e-commerce platforms are developing rapidly
The second-hand market is huge and growing rapidly. In recent years, many second-hand e-commerce trading platforms have emerged in the United States, most of which focus on trading apparel categories. This year the epidemic has caused a huge impact on the clothing retail industry, but the second-hand trading market still has a good performance.
Among them, the US second-hand e-commerce platform Poshmark has made more than 30 million U.S. dollars in profits in the past two quarters. On December 17, US Eastern Standard Time, it submitted an IPO prospectus.
On October 21, ThredUp, a US second-hand clothing e-commerce platform, announced that it had submitted an IPO application for Class A common stock to the U.S. Securities and Exchange Commission.
The U.S. second-hand market is expected to reach US$80 billion
The 2020 second-hand market report released by the US second-hand e-commerce platform ThredUp shows that the market is expected to grow to $64 billion in the next five years. By 2029, the entire second-hand market, including online resale and traditional second-hand stores, is expected to reach a total value 80 billion US dollars.
At the same time, the proportion of young second-hand buyers in the second-hand market has increased. ThredUp data shows that Gen Z shoppers are more likely to bargain than people of other age groups, and 80% of young people interviewed said they have no sense of inferiority when buying second-hand luxury goods.
