OAKLAND, Calif., Nov. 16, 2021 /PRNewswire/ -- thredUP (NASDAQ:
TDUP), one of the largest online resale platforms for women's and
kids' apparel, shoes, and accessories, today released a 'Thrift for
the Holidays' Report conducted by third-party retail analytics firm
GlobalData. The report, based on a survey of 2,000 U.S. consumers,
demonstrates more consumers are turning to thrift as inflation and
supply chain pressures weigh on shoppers in advance of Black
Friday, and the stigma around secondhand gifts continues to
dissipate.
Nearly 1 in 2 consumers are considering alternatives like thrift
this holiday season in light of supply chain concerns.
"In a world where retailers have been forced to raise prices due
to inflation or supply-chain pressures, consumers can always find a
vast and ever-fresh selection of secondhand items on thredUP – 100%
of which are already in stock and ready to ship. We've also been
able to lower our average prices in order to engage as many
consumers as possible and are humbled to be in a position where we
can continue providing great brands at great prices during a time
when many are feeling price pressure in other parts of their
lives." – James Reinhart, Co-founder
and CEO, thredUP
Notable findings from thredUP's 'Thrift for the Holidays' Report
reveal:
Secondhand is a viable gift option amid inflation,
supply-chain pressures:
- 52% of consumers are concerned that popular gifts will be more
expensive this year.
- 1 in 3 consumers believe limited inventory will make it
difficult to find gifts this year.
- 53% plan to adjust their holiday shopping to account for
shipping delays this year.
- As a result, nearly 1 in 2 (49%) consumers say they're
considering alternatives like thrift.
Consumers are more open to thrifted gifts as they seek better
deals:
- 62% of consumers believe buying secondhand apparel/fashion
gifts is more socially acceptable now than 5 years ago.
- 66% of consumers are now open to receiving a secondhand
gift.
- The top three reasons consumers are open to gifting thrift: (1)
they're looking for better deals, (2) they want to shop more
sustainably and (3) they want to give a gift that's unique
As the gift of thrift gains traction, Gen Z is leading the
way:
- 72% of Gen Z is open to receiving a secondhand gift, compared
to 66% of consumers overall.
- Sustainability is Gen Z's number one motivation: 64% are open
to gifting thrift because they want to shop more sustainably,
compared to 54% of consumers overall.
- Deal-seeking comes in at #2, with 62% of Gen Z open to thrift
to save money.
Thrifting helps cut holiday waste during a particularly
wasteful time of year:
- 1 in 3 consumers don't plan on re-wearing their holiday outfits
when the season is over.
- More than 1 in 2 (52%) of Gen Z shoppers plan to buy an item to
wear only 3x or less for the holidays.
- If everyone bought one used item instead of new this year we'd
save 4.5B lbs of carbon emissions.
That's equivalent to planting 66M
trees.
thredUP data reveals the Top 10 thrifted items topping wish
lists this year:
thredUP's products are all in stock and
ready to ship! From classic gifts to TikTok trends, value to luxe,
these are the hottest items selling the fastest on thredUP right
now. Based on analyzing thredUP's 35,000+ brands and 100+
categories to determine the brands and styles in the highest demand
over the past month.
- Converse Sneakers
- Lululemon Track Jackets
- Torrid Jeans
- Ugg Boots
- Reformation Dresses
- Patagonia Fleeces
- FRYE Boots
- Coach Wristlets
- Vince Sweaters
- Kate Spade Crossbody Bags
But 2021's best gift of all? Gift cards. According
to survey data, 2 in 5 consumers say they plan to give a gift card
this year.
"It's amazing and encouraging to see how many consumers are
now open to gifting thrift. We've heard that consumers are growing
tired of the waste of the holiday season, and are increasingly
seeking more sustainable options that align with their values. This
is particularly true of GenZ. By choosing used for the holidays,
consumers are cutting waste for both their wallets and the planet."
- Erin Wallace, VP of Integrated
Marketing, thredUP
Download the full 'Thrift for the Holidays' report here.
About thredUP's 2021 'Thrift for the Holidays'
Report
This report contains research and data from
GlobalData, a third-party retail analytics firm. For the purpose of
this report, GlobalData conducted a survey of 2,000 American adults
over 18, asking specific questions about their holiday shopping
behaviors and preferences for secondhand. thredUP's report also
leverages data from the following sources: Green Story Inc.
research and internal thredUP brand performance data.
Disclosure: All third-party brand names and logos appearing
in this report are trademarks or registered trademarks of their
respective holders. Any such appearance does not imply any
affiliation with or endorsement of thredUP.
About thredUP
thredUP is transforming resale with
technology and a mission to inspire a new generation of consumers
to think secondhand first. By making it easy to buy and sell
secondhand, thredUP has become one of the world's largest resale
platforms for women's and kids' 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. In 2018, we extended our platform with
Resale-as-a-ServiceⓇ (RaaSⓇ), which facilitates modern resale for a
number of the world's leading brands and retailers. thredUP has
processed over 125 million unique secondhand items from 35,000
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.
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SOURCE thredUP