A LONG READ FOR YOUR WEEKEND:
Earlier this month, Stephen Moore published a Medium post examining the growth of the secondhand apparel market. A recent report said the market will grow from $36B this year to $77B in 2025. In the past year, online marketplaces such as StockX, Poshmark, and thredUP have raised hundreds of millions of dollars from both the private and public markets.
ThredUP said the number of hours users spent on its website rose by 31% YoY in 2020 (2.2 million more hours). Millennials and Gen Z are the biggest reason for the growth, as at least 42% of them purchase used clothing.
Moore notes that more established players are also looking to enter the market to attract millenials and Gen Z. Etsy acquired secondhand online marketplace Depop for $1.6B last month. CEO Josh Silverman said the acquisition was designed to help Etsy target a younger demographic as 90% of Depop's 30 million users are under 26.