In with the new, out with the old.
As the holiday dust settles and people struggle to make room for their new gifts, closet clear outs will be at the top of many to-do lists. Savvy consumers looking to score some extra cash for their unwanted items can turn to the booming resale market.
Indeed, January is the biggest month of the year for resale, according to leading player Poshmark, which saw its listings spike 65 percent this past January, compared with the same month in 2018. The company, which boasts roughly 7 million sellers, said it is expecting equally brisk activity on its site this January as the new year kicks off.
In the women’s fashion category, the most in-demand items commanding high prices include Louis Vuitton handbags, Adidas sneakers and Madewell jeans. For men, top products include Jordan sneakers, NFL jerseys and Ray-Ban sunglasses.
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Not surprisingly, demand for sneakers shows no sign of slowing. The category drew the most listings, purchases, shares, likes and comments on Poshmark in 2019. A quick scan of current sneaker listings on the site reveals quite a number of new additions, ranging from Yeezy 350 V2 kicks at $300 to Air Jordan 12s at $135.
And judging by Poshmark’s huge gains this year, consumers have plenty of motivation to KonMari their wardrobes and round up some items for resale. The 8-year-old company announced in September that it shelled out about $2 billion to its community of sellers this year, double the amount it paid out in 2018.
Poshmark is cashing in on a fast-growing industry forecast to swell in size to $51 billion by 2023 — a growth rate 21 times that of traditional retail — according to a 2019 trend report from rival ThredUp. Within 10 years, resale will outpace the fast-fashion business.
The tremendous growth is being fueled by increasing demand for secondhand fashions, particularly among millennials and Gen Z, as well as innovations in digital technology and trends such as the rise of conscious consumerism and sustainability.
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