Like surprises? Then how’s this one: Your secondhand jeans are more first-hand, shall we say, when it comes to retail growth.
The resale market has grown by 24% in 2022 as more and more consumers turn their heads towards thrift shopping.
Gonna pop some tags: Experts forecast that the industry could hit $300B in revenue over the next decade, with the US secondhand market likely to double by 2026, reaching $82M.
There are several reasons for the thrift mania, including bargain hunting due to the recession, eco-awareness… and a rising interest in pre-owned luxury goods.
Experts see an opportunity here, saying that “adding secondhand items to your retailer offer can help drive traffic to stores and websites and sales of new items.” Noted!
And here’s another surprising trend: Just because youngsters don’t own the wallet doesn’t mean they don’t own the power. And TikTok Ads are capitalizing on that.
Turns out more than half of youngsters have bought or asked for something they’ve seen advertised on TikTok.
So while YouTube remains the go-to platform for kids in the US, TikTok is slowly becoming more influential – and apparently more persuasive.
Why we care: Tides are shifting in e-commerce. Customers are becoming more picky and more product aware, which opens more challenges but also more opportunities – like resale.
Also, it seems like TikTok Ads are becoming more and more effective among younger generations, which can be valuable info if you sell relevant products.