Why secondhand clothes are no longer the bargain they once were
The secondhand clothing market has grown into a $350 billion industry, but surging competition has eroded the bargain prices that once made thrift accessible.
Secondhand clothing has never been more popular, with platforms like Depop, Poshmark, ThredUp, Vinted and the RealReal making buying and selling more accessible than ever. The market has grown into a $350 billion business, fuelled partly by Gen Z resellers and viral TikTok thrift haul videos.
The surge in popularity has crowded out physical thrift bins, with intense competition replacing the days when shoppers could easily find bargains. At the top end, billionaires wear rare vintage pieces as status symbols, further driving demand for desirable stock.
- $350 billion industry
- Market size
- 28% globally
- Growth rate 2021-2022
- $7 billion last year
- Goodwill revenue
- $367 billion (2.7x apparel growth)
- Projected market 2029
Why it mattersBudget shoppers can no longer rely on thrift stores for low prices as the $350 billion resale boom has intensified competition at every level of the market.
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