Thrift shopping has become trendy in recent years, and because of this, the resale market is booming.
Buying and selling second-hand clothing and furniture has become extremely popular both locally and nationally. In fact, according to a ThredUP study, the resale market is growing 24 times faster than retail, expanding by 49 percent last year. By 2022, the resale market is projected to generate $41 billion worth of sales.
This rising trend is only expected to increase in the next five years. When asked where they will spend more or less in the next five years, 71 percent of those polled planned to spend more on resale shopping. Amazon received a 43 percent increase in projected spending.
One of the most prominent consignment conglomerates in Arizona, and also the nation, is My Sister’s Closet (which also owns My Sister’s Attic and Well Suited). CEO and Founder Ann Siner explains that over the past thirty years, the resale market has changed significantly.
“People used to be embarrassed about coming in more than once, thinking, ‘Oh, please don’t recognize me.’ Now, people brag about it,” Siner explains. “They now say, ‘I love My Sister’s Closet — what I have on, I bought there for just $20.’ So now it’s almost a competition between shoppers to see who can get the best deal.”
Because the resale market is constantly evolving, Siner notes that consignment stores like My Sister’s Closet need to be at their best at all times. “We have to set the bar higher than a normal retail store, because we want people to think that it’s a nice store and not a typical thrift store,” she said. “We remodel constantly to always keep our stores in the best conditions. We always need to improve and change things to stay ahead of the market.”