The thrift store industry is carving out a significant niche in the American retail landscape. With approximately 16–18% of Americans shopping at thrift stores, the sector has grown to house 28,849 businesses in the US as of 2023.
And this momentum doesn’t seem to be slowing; projections suggest that by 2026, the U.S. secondhand market will surpass its current size, touching an impressive $82 billion.
Let me share the most crucial thrift store industry statistics and trends you should be aware of right away. 👗📈.
Key Findings: Thrift Store Industry Statistics
- The thrift store market is expected to reach $14.2 billion by 2023.
- The global secondhand apparel market is expected to grow by 98.31% by 2027.
- The average thrift store in the United States earns around $300,000 per year in revenue.
- As of 2023, there are 28,849 thrift store businesses in the United States, a 3.5% increase from 2022.
- The US thrift store market grew 4.7% annually in last 5 years.
- About 16–18% of Americans shop at a thrift store.
- 93% of Americans now shop for used items online.
- 60% of shoppers would change their habits to reduce environmental impact.
- Thrift store shoppers save an average of nearly $150 per month.
- The global secondhand clothing market is expected to grow by 127% by 2026.
Sources: (America’s Research Group, ThredUP, GlobalData, Depop, NRF, Ibisworld, Yahoo)
16-18% of Americans Patronize Thrift Stores Annually
|Encourage thrift shopping||Given the 16-18% participation rate, thrift stores can be a viable market segment. It would benefit businesses to capitalize on this potential customer base.|
|Increase sustainability efforts||Thrift shopping signifies eco-friendly consumer behavior. More sustainability initiatives could attract this 16-18% consumer base.|
|Develop marketing strategies||It’s important to focus on this consumer segment. Tailored marketing strategies can attract thrift shoppers.|
|Improve product sourcing||Thrift stores serve a considerable clientele. Enhanced sourcing can ensure quality and variety, enticing more customers.|
Source: America’s Research Group
62% of Gen Z and Millennials Prioritize Used Over New
|Focus on Gen Z, millennials||This demographic’s preference for used items implies they are key consumers for thrift stores. Targeted campaigns may yield high returns.|
|Promote eco-friendly buying||Gen Z and millennials value sustainability. Aligning with these values in marketing can effectively engage this group.|
|Prioritize online platforms||This tech-savvy group likely searches for used items online. Increasing online presence can help reach them effectively.|
|Maintain quality of used items||High demand for used items calls for quality assurance. This could increase trust and loyalty among these consumers.|
Resale Market Poised to Hit $53 Billion by 2023
|Invest in secondhand market||With its predicted value, this market provides a robust investment opportunity. Capitalizing early could result in significant returns.|
|Consider entering resale sector||The expected growth suggests high consumer interest. New businesses can benefit from entering this thriving market.|
|Diversify product offerings||A larger market implies a diverse consumer base. Expanding product range can cater to various customer preferences.|
|Enhance online resale platforms||The projected growth may be driven by online sales. Prioritizing user-friendly digital platforms can be a strategic move.|
US to Spend $82 Billion on Secondhand Goods by 2026
|Invest in secondhand market||With such significant projected spending, the secondhand market presents a lucrative opportunity for businesses.|
|Enhance product quality||High spending means consumers expect value. Offering quality secondhand goods can increase market share.|
|Leverage e-commerce||High expenditure might be driven by online shopping. Strengthening e-commerce strategies could yield substantial rewards.|
|Prioritize customer service||With large spending, customer satisfaction is crucial. Exceptional service can lead to customer loyalty and repeated sales.|
Over Half of Shoppers Turned to Secondhand in 2022 for Savings
|Cater to budget-conscious shoppers||With over half of shoppers buying secondhand to save, there’s potential in appealing to this cost-conscious demographic.|
|Promote affordability||Highlighting the cost-effectiveness of secondhand shopping could appeal to these value-seeking consumers.|
|Stock quality yet affordable items||Customers expect to save, but they also want quality. Balancing both can attract this 53% consumer base.|
|Develop cost-saving promotions||Discounted sales and promotions can further draw in customers seeking to save money.|
60% of Consumers Alter Habits for Environmental Impact
|Promote eco-friendly practices||Given the data, businesses should advertise their environmentally friendly operations to appeal to these conscious consumers.|
|Stock sustainable products||Consumers are willing to change habits for the environment. Offering sustainable goods can capture this market.|
|Encourage secondhand shopping||Highlighting the environmental benefits of secondhand shopping could motivate these shoppers.|
|Develop green initiatives||Adopting green business strategies can attract this 60% consumer base committed to reducing environmental impact.|
US Thrift Market Sees 4.7% Annual Growth from 2017-2022
|Exploit the Thrift Store Growth||The continued growth of the market indicates strong consumer interest and spending.|
|Invest in Sustainable Practices||Thrift stores are popular for their sustainability, which is increasingly valued by consumers.|
|Enhance Online Presence||The consistent growth during 2017-2022 may partly be driven by online sales, reflecting the role of digital channels.|
|Intensify Local Marketing Efforts||Thrift stores, often local businesses, may have gained traction due to community engagement.|
93% of Americans Embrace Online Shopping for Used Items
|Expand Online Sales Channels||The high percentage of Americans shopping for used items online indicates significant online market potential.|
|Prioritize User-Friendly Website Design||Given the extensive online engagement, a smooth, user-friendly shopping experience is paramount.|
|Focus on Internet Marketing||The majority of potential customers are online, underlining the need for effective internet marketing strategies.|
|Incorporate Online Payment Systems||With such high online shopping rates, versatile and secure payment methods are a necessity.|