I’ve got $10 in my pocket…

Maysoon El-Ahmad on Nov 5, 2018

WHAT’S GOING ON

  • “Collaborative Consumption” is not new, but the movement has gained mainstream traction as sustainability and waste has become part of the collective consciousness
  • “Second hand” is now on trend in a way not seen before – driven by the merging impacts of sustainability, the GFC and new technology
  • Peer to Peer second hand selling is prolific – Depop (400,000 active users / day), Thredup, Poshmark and Gailed all focus on the younger 13-24 market who are loving “vintage”
  • Maria Raga, Depop’s CEO tells us that millenials are choosing this type of store because they “want to feel unique, to shop with (and from) friends and to build their own green businesses without losing a drop of street cred” – and we love the sales lingo “Hit me wiv sum offaz”

GROWTH MANTRA’S PREDICTION

  • With any luck, as this trend continues, the dominance of fast fashion chains will reduce – but like fast food, fast fashion is likely to remain alongside this thrift store economy
  • H&M and ASOS are already on board offering vintage H&M and collections online – and the rest will follow very soon
Growth Mantra
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