Online resale channels are putting the pinch on traditional teen retailers.
While the entire apparel industry struggles, teen retailers are arguably faring the worse as the bankruptcies in that sector pile up. But well-dressed teens aren’t going without. Rather they’ve found a new outlet for their retail therapy: resale sites like ThredUP, Vinted and Poshmark.
The Wall Street Journal points to statistics from research firm Cassandra that show 36% of 14- to-19-year-olds have purchased or sold used items, including clothes, online. Compare that to the 35% who said they’d shopped at a specialty retailer such as Abercrombie or J. Crew Inc. in the previous six months.
The article states the market for online resell has just surpassed the $2 billion mark. The teens quoted said they turned to online sales to find a wider variety of styles, to have an endless supply of new items in their closets and to make extra money.