When Macklemore’s 2012 single Thrift Store grew to become successful, it pushed secondhand procuring into the highlight; however this wasn’t sufficient to alter individuals’s common views on it. As a 2013 Time article put it, “apparently, flannel zebra jammies solely look good in music movies”.
eBay was turning some heads again then, but many would nonetheless hear phrases like ‘secondhand’ or ‘thrift’ and suppose ‘previous’ or ‘tatty’.
That’s not the case right now. Demand for ‘pre-loved’ clothes soared after this 12 months’s Love Island contestants paraded round it. This amped up #secondhandseptember, a marketing campaign encouraging customers to purchase pre-owned items for 30 days.
With this pattern stepping up, now’s a superb time to mirror on the way it’s developed, and take into account the methods retailers can higher cater to right now’s rising class of secondhand patrons.
Shopping for secondhand is now not taboo
So many components have helped the secondhand market scale up. For starters, the pandemic demonstrated the worth of group, ensuring teams extra open to the thought of sharing.
Extra importantly, on-line resale marketplaces like Depop, Poshmark, and Vinted have made quite a lot of headway in recent times, giving the sector’s picture a recent coat of paint. Vinted’s “Taking secondhand garments out of the closet” advert even gained Marketing campaign journal’s 2022 media award for retail.
There’s nonetheless work to be executed, and the previous ‘new is finest’ mind-set gained’t disappear in a single day, however these consciousness campaigns have clearly had an influence.
12 months-on-year, there’s been a 12% rise in People saying they’re comfy shopping for pre-owned objects somewhat than new ones.
And our information highlights simply how far we’ve come; 1 / 4 of all merchandise purchased on-line at the moment are pre-owned.
Plus, whereas the main focus tends to be on garments, different classes are getting in on the motion. IKEA’s buy-back initiative put furnishings on thrifters’ radar, and artwork, books, and electronics are additionally standard on on-line marketplaces.
With all this occurring, we count on this house to maintain on rising. For firms hoping to reach it, listed below are the principle issues to find out about secondhand patrons.
They’re massive spenders
Thrift outlets began out as locations of sanctuary for these in want of inexpensive objects, so it’s straightforward to imagine that these shopping for pre-owned items are usually low earners. However this concept doesn’t try anymore, if it ever did within the first place.
Secondhand patrons are literally more likely to have excessive buying energy (+26%) and to say they purchase premium merchandise (+66%) than common. Although, this doesn’t imply they throw their cash round; extra agree that they spend time searching for one of the best offers (+18%), an indication they’re strategic with their funds.
This factors to a key side of the secondhand market: funding items. These purchases may be aspirational, classic, or uncommon – objects like Audemars Piguet watches, for instance, which have a mean value of £120,000. And many consumers are on the hunt for these collectibles.
63% of this group purchase luxurious clothes objects yearly, and so they stand out for having investments in artwork, antiques, and gold.
Excessive-end manufacturers are typically extra resilient throughout recessions as some customers search for methods to deal with themselves or get probably the most out of their cash. Hermes is one which did surprisingly properly in the course of the 2008-09 monetary disaster, which may be defined by its luggage having a restricted provide and the power to develop in worth over time.
Platforms like TheRealReal have pushed secondhand indulgences since they began up, and curiosity in them appears to be creeping up as designer firms increase their costs and in the reduction of on provides.
The demographic breakdown of this viewers will most likely change barely because the cost-of-living disaster worsens and extra individuals begin in search of out secondhand bargains. However premium manufacturers particularly have loads to realize by tapping into this market, and so they can use the teachings provided by present resale platforms – who’ve been round for longer and are available to grips with advertising and marketing to this in-demand bunch.
Sustainability is only one piece of the puzzle
In 2021, we appeared into the assorted causes customers gave for collaborating in Veganuary. It’s normally linked with efforts to save lots of the planet however, whereas a giant a part of it, extra took half for a private problem or for well being causes than environmental ones. And secondhand patrons’ motivations aren’t so totally different.
In January, 38% of this group mentioned they buy pre-owned objects to scale back their environmental influence, leaving us to fill within the different 62%.
Secondhand patrons skew younger and feminine, and if there’s one factor we find out about Gen Z ladies, it’s that their eco attitudes are sophisticated. Environmental considerations have motivated many to toy with plant-based diets and pre-loved clothes, however massive numbers proceed to purchase from fast-fashion manufacturers.
It’s usually about decreasing the variety of instances they purchase new issues, somewhat than placing a whole cease to this habits, and so they’ll usually prioritize picture over eco-friendliness when making selections. In truth, extra say that numerous “likes” or good feedback on social media would most enhance their probability of buying a product than figuring out an merchandise or firm is environmentally pleasant.
Being inexperienced is a strong hook amongst secondhand patrons and retailers ought to maintain refering to it of their campaigns – particularly as these buyers are extra eco-conscious than most and wish to impress their followers by making good life-style selections; however manufacturers shouldn’t rely on it.
Now that extra firms are getting concerned, and sustainability is changing into extra of a luxurious as a result of inflation, it won’t be sufficient to offer gamers a aggressive edge. Fortunately, there are different methods for them to face out.
It’s concerning the journey, in addition to the merchandise
Once we requested secondhand patrons to explain how the web positively impacts their life, they stood out most for saying activism, group/pursuits, and relationships. Their social media utilization can be characterised by apps like Clubhouse, Reddit, and Discord – platforms that open the door for dialog.
As CEO of Depop Maria Raga factors out, their web site is far more than a spot to purchase and promote: it’s a “group of like-minded creatives, younger entrepreneurs, and sustainable-enthusiasts”, once more reminding us that eco activists characterize a fraction of all secondhand patrons and their motives.
Many individuals log onto resale apps to seek out distinctive objects that’ll make them stand out from the remainder and to see what’s trending. Fashionistas, for instance, use them to remain on high of what’s in vogue and forward of mainstream kinds.
Retailers exploring rental, resale, or take-back schemes may due to this fact profit from constructing an area for his or her clients to assemble and share.
That is one thing resale platforms do very properly; those that use Vinted are even referred to as Vinties, whereas Poshmark customers usually confer with themselves as Poshers.
Possession is much less essential amongst secondhand patrons, however they nonetheless have to really feel comfy borrowing and shopping for from one another, and a powerful sense of group is the answer.
H&M’s rewear web site, Fairly Little Factor’s on-line market, and ASOS’s classic boutique discussion board are all a nod on this course, and there’s scope to take this additional.
Manufacturers can faucet into their inventive energies
One other factor secondhand patrons love are alternatives to get inventive. Over a 3rd are focused on handicrafts; and in January, searches for ‘upcycled’ and ‘restore equipment’ rose 40% and 21%, respectively, on eBay in comparison with the month earlier than.
As extra seek for one-of-a-kind items and purpose to offer their possessions a second lease of life, they’re studying to restyle and upcycle them.
When DIY clothes took off throughout lockdowns, firms like Alexander McQueen and Dior arrange Instagram tutorials or challenges within the hope of inspiring followers to do precisely that. And others can maintain this enthusiasm alive, particularly now many customers take into account themselves creators or make a dwelling from their hobbies.
PLT’s market even showcases every month’s high sellers and creators, which is simply the form of recognition these patrons are after.
As a bunch, they wish to be impressed and put to the check, and something that improves their on-line picture or repute stands to do properly.
Together with democratizing video manufacturing, apps like TikTok gave aspiring designers a platform, and secondhand patrons are seizing the day. In comparison with different TikTok customers, they’re twice as more likely to have participated in a model’s hashtag problem within the final month.
So, the round motion not solely incentivizes firms to promote their previous inventory to clients, it offers them the prospect to work extra carefully with creators and use their perception to construct new merchandise round upcoming developments.
These capable of empower their followers or train them one thing new are in the end set to construct the strongest relationships with secondhand patrons – who can model their merchandise in an infinite variety of methods, making them related to way more individuals.
‘New’ doesn’t should imply store-bought
Largely due to resale platforms, ‘secondhand’ has taken on a complete new which means, and right now’s patrons mirror this. They’re forward-thinking, imaginative customers seeking to keep forward of the curve, whether or not that’s achieved by way of their style selections, eco-decisions, or on-line repute.
Going ahead, retailers can use the info we’ve on this group, in addition to ideas drawn from present gamers, to depart their very own stamp on this thriving market.
