Rent the Runway offers ‘significant financial value’: Hyman
Rent the Runway CEO Jennifer Hyman reveals what’s behind the company’s Q3 revenue beat and subscription growth, telling “The Claman Countdown” customers are “obsessed with value” more than they’ve ever been.
Demand for secondhand clothing is booming, and it's not expected to slow down even when inflation eases, according to thredUP CEO James Reinhart.
"The best years for resale are ahead," Reinhart told FOX Business during a Monday interview.
The global secondhand clothing market is projected to nearly double, reaching $350 billion by 2027, according to thredUP's 11th annual resale report, which contains research and data from GlobalData.
In the U.S alone, the secondhand clothing market is expected to reach $70 billion by 2027, according to the report.
ENTREPRENEURS MAKE BILLIONS IN SNEAKER RESALE MARKET, BUILD COLLECTIBLE KICKS EMPIRE
In 2022, more than half of shoppers sought out secondhand apparel. The data showed that 37% of consumers spent a higher proportion of their apparel budget on secondhand items. Of those individuals, more than 60% said they did so in response to high inflation, which rose 6% year over year in February and remains far above the Federal Reserve's target of 2%.
Reinhart agreed that these clothes provide a great value for cash-strapped consumers as concerns over the U.S. economy continue.