Resale renaissance and holiday shopping forecast
Supply chain demand has retailers starting holiday deals earlier, while Urban Outfitters launches their new resale marketplace.
- Ebere Anokute
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Urban Outfitters bets big on resale market
Anyone who has done some serious thrifting in their life knows that it can be somewhat of a magical experience. I remember the first time I went thrifting for real: it was at a Salvation Army in Mount Vernon, NY, on a Wednesday of course because everyone knows that everything in the store is half off on Wednesdays. I only walked out with one item, a denim jacket, but it was and remains to this day the only denim jacket I’ve ever owned. I say that the experience was magical because I truly felt like the jacket found ME. I may have rescued the jacket from the store but in all honesty… I’m the lucky one.
Thankfully, it looks like a whole new generation of thrifters is going to be able to share this experience because a lot of retailers nowadays are betting big on the resale market. And with good reason, as the market is forecasted to reach $77 billion in the next five years. This trend isn’t necessarily new: earlier this year we saw ThredUp purchase Remix, a European apparel resale company, for $28 million; and in June, Etsy announced that they would spend $1.6 billion to acquire the apparel resale site Depop.
The newest retailer to join in on all the resale fun is Urban Outfitters, which has launched a new venture called NuulyThrift, a resale marketplace where shoppers can buy or sell clothing for women, men, and children, as well as accessories. While this sounds similar to most other resale platforms, what differentiates NuulyThrift is that they will accept resale products from any brand, not just Urban Outfitters. Further, when an item is sold through the platform, customers can choose to either take the cash and deposit it into their bank accounts, or they can redeem the money for NuulyCash, which is worth 10% at NuulyThrift and all Urban brands (which include Anthropologie, Free People, and others).
Thrifting is great not only for the variety of products available but more importantly for the positive impact that recycling clothing has on the environment. NuulyThrift is available now on the iOS app store, and I suggest everybody get on it ASAP. The denim jacket of your dreams could be waiting for you!
Supply chain woes continue to fuel holiday shopping fears
I’m not sure how many times it needs to be said before people start believing it but… it might be a good idea to get a head start on your holiday shopping this year. Global supply chain issues, caused by a combination of pandemic closures at factories overseas, a lack of truck drivers as a result of labor shortages, and cargo ship backups at major US ports, are contributing to a heightened sense of anxiety around inventory issues this holiday season. This doesn’t mean that demand is down; in fact, JLL’s own Holiday Shopping Survey found that consumer demand is showing a stark increase from last year, with consumers’ average projected holiday shopping spend bouncing from $694 to $870, putting us back on par with pre-pandemic levels of $874.
The demand is certainly there, so now the main concern is supply. To combat these supply chain issues, President Biden issued a few interventions that will hopefully make a positive impact, including keeping the Port of LA open 24/7 and asking states to issue truck licenses more quickly. Meanwhile, retailers such as Home Depot, Costco, and Walmart have taken matters into their own hands by chartering their own ships to move in supply from overseas. These smaller ships have the added benefit of being able to enter through smaller, less busy ports, allowing them to unload faster and get their products on shelves faster. We’ll have to wait and see how this unfolds, but one thing is for sure – now is the time to order your child’s new tablet. I don’t imagine they’ll accept “supply chain issues” as an excuse.
Shoppers plan to spend 25% more this year