At this point, if you haven't felt the need to Marie Kondo something in your home then you have been living under a rock. The organization specialist who scored her own show on Netflix has encouraged millions of people to toss things in their home that don't bring them joy. Women of the world who have spent way too much time shopping and building their closets are taking to the resale market to try to make some dough back on items they probably spent way too much money on.
The results? The resale market is currently booming!
One of the most popular online resale giants for secondhand good, thredUp revealed it’s currently a $24 billion market, projected to double to $51 billion by 2024. And according to GlobalData, researchers have found that 56 million women bought secondhand products in 2018, a huge jump from the 12 million reported from the year prior. Additionally, 51% of resale shoppers plan to spend more on thrift in the next five years. So, we totally see where ThredUps projections are coming from.
These secondhand stores are reportedly very popular with the millennial generation because it's cost effective. They get to keep up with trends and an updated wardrobe, without spending more money than really necessary. And when they get bored with an item, they just seel it and go shopping all over again. Sounds promising.
Fast Company shared that industry analysts are projecting that the "Kondo Effect" is causing fast fashion to lose its appeal. After all, with millennials making more and more socially conscious decisions and buying from environmentally friendly brands, they are favoring these practices much more than buying cheap pieces that will most likely end up in the garbage.