Second-Hand Stores See Boost In Business During COVID Pandemic
MIAMI (CBSMiami) – Retail stores have struggled during the COVID pandemic, but the second-hand industry is seeing a rise in business.
Online consignment store thredUP has more people looking to sell their items and plenty of e-shoppers ready to buy them.
"During the pandemic, and the resulting economic crisis, value is still incredibly important to consumers," said Erin Wallace, thredUP's vice president of integrated marketing.
The company's annual report predicts the second-hand apparel market will grow from $28 billion to $64 billion by 2024.
"There's been a real rise in the interest in resale primarily due to it being a far more sustainable choice for shoppers to make and obviously the tremendous value," Wallace said.
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Johnny Ebram picks up fashionable items for a fraction of the original price at Crossroads Trading, just a couple of miles from the high-priced stores on Beverly Hills' Rodeo Drive.
"Depending on what it is, you can get up to, like, 50 to 70% off," Ebram said.
Sustainability is a big reason Ebrum buys previously owned clothes.
"I have been able to sway a few friends over to the green side as I like to call it, because everyone is like, oh my God, I see why you are so into this. It's been great," Ebram said.
Ebram sees it as a win – win, keeping clothes out of a landfill while getting a great deal.
It's not just shoppers looking for deals during a struggling economy. Thrift stores are receiving an increase in donations.