Largely out of necessity, consumers are getting creative about stretching their dollars.
“Resale continues to provide value in these uncertain times,” said Brett Heffes, CEO of Winmark, the franchisor of stores like Plato’s Closet, Once Upon a Child and Play It Again Sports.
So called recommerce grew nearly 15% in 2021 — twice as fast as the broader retail market and notching the highest rate of growth in history for the industry, according to a 2022 recommerce report by OfferUp.
While dominated by clothing resale, 82% of Americans, or 272 million people, buy or sell pre-owned products, OfferUp found, including electronics, furniture, home goods and sporting equipment, as well as apparel.
This article originally appeared here and was republished with permission.