Thrift stores are an important part of the retail industry, providing a unique shopping experience for customers and a great way to recycle and reuse items. In this post, we will explore the current state of the thrift store industry, including the size of the market, the types of items sold, and the consumer demographics that shop at thrift stores.
We will also discuss the growth of the industry, the challenges it faces, and the opportunities for the future. Finally, we will provide some tips for thrift store owners to help them make the most of their business. So let’s dive in and explore the thrift store industry.
Thrift Store Industry: The Most Important Statistics
The EU fashion resale second-hand market is projected to double in the next five years and will be twice as big as the fast fashion market by 2030.
The Second-Hand Goods Stores industry in the UK has a market size of £2.4bn in 2023 and has declined faster than the Wholesale and Retail Trade sector overall.
Thrift Store Industry Statistics Overview
The U.S. resale industry is estimated to have annual revenues of $17.5 billion, including antique stores.
This shows that there is a major discrepancy in the annual revenues reported for the U.S. resale industry, which is made up of many thousands of single location shops, hundreds of multi-location chains, franchises and Not For Profit stores. This discrepancy highlights the potential for growth in the industry, which is continually growing.
The Thrift Stores industry has seen an increase in revenue due to growth in consumer spending and consumer attraction to resale shopping.
Thus, the industry is growing and that consumers are increasingly interested in shopping at thrift stores. This could be a sign of increased demand for thrift store products, which could lead to more revenue for the industry.
Resale shops have grown 7% a year for the past two years, with over 25,000 stores in the US. Approximately 16-18% of Americans shop at thrift stores and 12-15% shop at consignment or resale shops annually.
There are more than 25,000 consignment, resale, and not-for-profit shops operating in the thrift store industry in the U.S., which highlights that many of these stores offer high-quality goods at much lower prices than the MSRP.
Thrift stores have become a popular way to shop, both in-person and online, helping consumers save money, reuse clothes, and save the environment.
This could mean more opportunities for businesses to capitalize on the trend, as well as more options for consumers to save money and help the environment.
The EU fashion resale second-hand market is projected to double in the next five years and will be twice as big as the fast fashion market by 2030.
The resale market is growing rapidly and is on track to overtake the fast fashion market in the next decade. This could have a major impact on the thrift store industry, as more people may turn to second-hand stores for their clothing needs.
Rising cost of living and environmental concerns have resulted in increased demand for thrift store products.
Consumer demand is therefore increasing, which can be used to inform decisions about pricing, marketing, and product selection.
The Second-Hand Goods Stores industry in the UK has a market size of £2.4bn in 2023 and has declined faster than the Wholesale and Retail Trade sector overall.
The global fashion resale market is expected to grow 127% by 2026, which is three times faster than the wider retail clothing industry. This proves that the thrift store industry is growing rapidly, which could lead to more customers and more profits for thrift stores.
Supplementary Statistics
The thrift store industry reached a revenue of $10.5 billion in 2020.
It is a clear indication that thrift stores are becoming increasingly popular, and that the industry is growing at a rapid rate. This statistic is an important piece of information for anyone interested in the thrift store industry, as it provides a snapshot of the current state of the industry and its potential for future growth.
Between 2020 and 2025, the thrift store industry is projected to grow at a CAGR of 1.1%.
The industry is likely to experience steady growth over the next five years, indicating that now is a great time to invest in the thrift store industry. This statistic is also important for those already in the industry, as it provides a benchmark for measuring their own performance and progress.
There are over 25,200 thrift stores operating in the United States alone.
It speaks to the immense popularity of thrift stores and the impact they have had on the economy. It also shows that thrift stores are a viable option for those looking to save money on clothing and other items.
18-24-year-olds are the most frequent thrift store shoppers, with 40% of them visiting thrift stores in a month.
This highlights the importance of the 18-24-year-old demographic in the thrift store market. It demonstrates that this age group is the most frequent shoppers, accounting for a large portion of the thrift store customer base. This information can be used to inform marketing strategies and product offerings to better target this key demographic.
Over 10.9 million tonnes of textile waste ended up in landfills in 2019.
Thrift stores provide an opportunity to recycle and reuse clothing, helping to reduce the amount of textile waste that ends up in landfills. By shopping at thrift stores, consumers can help reduce the amount of textile waste that is generated each year.
The average American throws away 81 pounds of clothing per year.
Thus, there is a potential for thrift stores to provide a much-needed service to the community by providing a place to donate and purchase gently used clothing. It also speaks to the potential for thrift stores to reduce the amount of clothing waste that is produced each year.
The resale market generated $28 billion in 2020 and is expected to reach $65 billion within the next five years.
The resale market is growing exponentially. With a projected increase of over $37 billion in the next five years, it’s clear that thrift stores are becoming an increasingly popular option for shoppers. This is great news for the thrift store industry, as it means more customers and more revenue.
Resale and thrift stores employ over 55,000 people across the US.
It shows that the industry is providing employment opportunities to a large number of people, which is beneficial for both the individuals and the country as a whole.
The average American buys 70% more clothing today than they did 20 years ago.
This could be due to a variety of factors, such as the rise of fast fashion, the increased availability of online shopping, or the changing trends in fashion. Whatever the cause, this statistic is a clear indication that the thrift store industry is likely to experience an increase in demand for their services.
Second-hand fashion is predicted to have a market share double that of fast fashion by 2030.
By 2030, second-hand fashion is expected to have a market share double that of fast fashion, suggesting that thrift stores are becoming increasingly attractive to consumers looking for sustainable, affordable fashion options. This is a trend that thrift store owners should be aware of and capitalize on in order to remain competitive in the industry.
The clothing resale market is expected to grow 11% annually between 2019 and 2023.
This is great news for thrift store owners, as it suggests that their businesses will continue to thrive and grow. Furthermore, it indicates that thrift stores are becoming increasingly popular, as more and more people are turning to them for their clothing needs.
72% of consumers prefer to buy from environmentally friendly brands.
The majority of consumers are looking for brands that prioritize environmental responsibility, and that thrift stores should take this into account when marketing their products. By emphasizing their commitment to sustainability, thrift stores can attract more customers and build a loyal customer base.
51% of US consumers expect to buy secondhand over the next five years.
It suggests that thrift stores are becoming increasingly popular among US consumers, who are looking for more affordable and sustainable ways to shop. This is great news for the thrift store industry, as it indicates that there is a growing market for their products.
Baby boomers are responsible for 50% of all money spent at thrift and resale stores.
This demographic is a major driving force behind the success of these stores, and that their spending habits are having a significant impact on the industry. This is an important statistic to consider when discussing the thrift store industry, as it provides insight into the spending habits of a key demographic.
Conclusion
The thrift store industry is growing rapidly and is a great way to save money while helping the environment. With the increasing demand for second-hand goods, thrift stores are becoming more popular and profitable.
The industry is expected to continue to grow in the coming years, and with the right strategies, thrift stores can become a successful business. With the right marketing, pricing, and customer service, thrift stores can become a great investment for entrepreneurs.
References
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