second-hand, luxury resale. Whichever is your preferred term, it’s unmistakably big business, beloved by Gen-Z and Millenials, it’s estimated to be worth £19.5 billion.The industry is forecast by thredUP to increase by five times in the next five years, overtaking fast fashion by 2029, but has the impact of COVID-19 stalled this growth?Whilst the pandemic has accelerated the demise of the high street, with recent casualties including stalwarts Debenhams and Laura Ashley, and store closures at John Lewis, early indicators suggest resale platforms have weathered the storm more successfully.According to McKinsey & Company, whilst the resale sector faced the same issues as the wider fashion market for the first 6-8 weeks of lockdown, it appears.
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