Do you have these marks in your wardrobe? You have reached a resale gold mine

Renewed clothing is a growing market that is expected to reach $ 64 billion in sales by 2024 from current sales of $ 28 billion, according to a new joint annual report from the shipping and shipping platform ThredUp the world’s largest online research and analysis firm GlobalData.

According to the report, 62 million women bought second-hand in 2019, compared to 56 million women in 2018. And this year alone, the online second-hand market is expected to grow 27%, while the retail sector in Overall will decrease by 23%, the report showed.

ThredUP released a list of the brands with the best overall resale value on its platform, which it determines by assigning scores that take into account the demand, virality, and value of a brand for the seller.

Frye, the leather goods company best known for its beloved boots, topped the list for the second year in a row.

Other notable brands with excellent resale value are fashion brands Tory Burch, Kate Spade, and Coach. The outdoor clothing brand Patagonia also reached the top 10 of ThredUP.

ThredUp's reselling industry annual report projects total sales of renovated clothing to reach $ 64 billion in sales by 2024.
Iconic eyewear brand Ray-Ban made the cut as did eco-friendly clothing brand Reformation, which prides itself on using sustainable fabrics.

Reselling platform Poshmark does not assign brands a resale value, but releases the most popular brands on the platform. Since March, the most popular brands have not been luxury brands per se but “shopping mall brands.” For example, among the brands most purchased by women this year are Lululemon, Free People, Anthropologie, and J Crew. Nike, Adidas, Under Armor and Patagonia were the most popular brands purchased by men at Poshmark.

For Poshmark buyers, these brands indicate convenience, accessibility, and widespread appeal.

Online luxury consignment site The real real (REAL) He took a look at the top 10 brands that have had the highest resale value on the platform in the past decade.

On the list are luxury brands Hermès, Louis Vuitton, Goyard and Tiffany & Co. For Hermès, the item that has always had the highest resale value is the ultra-expensive Hermès Birkin bag. A new Birkin bag can cost close to $ 10,000 to hundreds of thousands of dollars.

Meanwhile, Gucci, Fendi and Dior are the top three brands with the fastest growing resale value in the same time period, according to The RealReal.

The popularity of recycled fashion is on the rise

While consumers, led by the millennial generation, were already actively adopting secondhand clothing before the pandemic due to its sustainable model, the resale market during the pandemic received an additional boost as the widespread job loss encouraged budget-conscious shoppers to shop for bargains

However, value is not the only driver. The ThreadUP report showed that 80% of consumers no longer feel that there is a stigma when buying used fashion. This has made them comfortable buying it and flaunting their resale findings.

“There is no doubt that millennials and Generation Z have accelerated this trend in recent years. But now we see that baby boomers and Generation X are also embracing it,” said James Reinhart, co-founder and CEO of ThredUp.

Reinhart said that resale consumers are now proud to buy second-hand clothing because they have prioritized helping to reduce clothing waste.

The report estimates that if everyone bought a used item this year, they would save 5.7 billion pounds of carbon emissions, or the equivalent of taking half a million cars off the road for an entire year.

The popularity of the resale market is not lost in the retail industry. Companies like Nordstrom (JWN) Abercrombie & Fitch, (ANF)and more recently Walmart (WMT) They have entered the space. In May, Walmart announced that it had partnered with ThredUp to sell pre-owned clothing, shoes, bags and more online.

“When I walk away and compare 2020 to 2019, what happened is that the resale market is no longer a niche, but has become the mainstream,” Reinhart said. “Consumers are very proud that reselling purchases is the right thing to do.”