The saying “out with the old and in with the new” no longer seems like a relevant turn of phrase as the past few years have seen a resurgence of repurposing old goods and bringing back old styles. For some consumers, secondhand goods are better than anything new. Everything from rare collectibles to couture gowns and one-of-a-kind purses are in high demand with apps like Depop, Thredup and, of course, local thrift stores 1 fueling access to some of these items. These trends reflect generational preferences for sustainability, corporate social responsibility, and individuality that will be relevant to marketing strategy in 2023.
While some vintage and recycled items may have resurfaced due to popular styling trends, refurbishing old furniture has become an alternate solution to buying new furniture for some customers, especially with pressures from high inflation and lengthy delivery waits. This year “58% of consumers say secondhand has helped them in some way during a time of inflation” 2 But it’s not just furniture that has consumers sifting through stores for used goods.
Gen Z consumers in particular seem taken with vintage trends. “Come thrift shopping with me” TikTok’s and the revival of styles from past decades reflects the current trends for turning the old into popular fashion and lifestyle designs. This, in part, is related to a generation more concerned with corporate social responsibility and sustainability: “While adopting a greener mindset, consumers have fallen for the romance of archival looks.” 3 Thrifting fills a gap between staying on trend with fast fashions and making the sustainable choice to purchase long-lasting clothing and home goods. “Nearly half of Gen Z and Millennials are spending a larger proportion of their apparel budget on secondhand compared to 5 years ago.” 4 This generational trend is relevant to consider for marketing because it helps marketers understand the values of the youngest consumers who are gaining more purchasing power and who will be important to attract and retain now and in the future.
“The growth of online resale platforms, and an interest in sustainable shopping, especially on the part of young consumers, created the first big wave of resale selling. Now, cost-of-living increases are making Americans more budget-conscious.” 5
Secondhand goods are the next best option for consumers shopping for their next couch or jacket, and it’s a growing industry. The “U.S. market for used home goods and furniture is projected to grow by 38% by 2025, from $17.05 billion last year to $23.56 billion, according to consumer-data provider Statista.” 6 A lot of this growth has to do with technology and the emergence of online marketplaces that make it easier and more convenient for consumers to make purchases: “70% of consumers say it’s easier to shop secondhand [now] than it was 5 years ago.” 7
It works both ways too; people are both buying and selling secondhand more than ever. This is where brands like Kaiyo, Depop, Bidstitch, and Thredup fit in, offering a platform for users to buy and sell secondhand, antique, and vintage pieces. The benefits of selling secondhand are incentivizing because “items with brand-verification marks or tags command a premium … [selling] for an average of 10% more” than a non-branded product. 8 It’s not uncommon to see someone in a thrift store searching for a designer pair of shoes or bag to sell for a profit.
In fact, vintage items can be worth thousands of dollars. The pair of 1880s Levi’s jeans sold at a vintage clothing market to a 23-year-old Gen Z buyer who makes a living by collecting and selling vintage clothing. 9 The buyer, Kyle Haupert, saw “[the jeans] as a sound investment based on their rarity. Buying the jeans was also a way to boost his profile in the vintage world. Since the auction, he’s gained thousands of followers on Instagram.” 10 There is no denying the connection between vintage and social media marketing. This market resonates with young consumers who value individuality and are willing to invest in long-lasting pieces for their own collections, especially pieces that are name-brand.
There are also vintage-inspired items making a comeback purely based on stylistic choice. The brand Pit Viper has soared in popularity, especially with skiers and snowboarders, for its 80’s style sunglasses with loud colors and oversized lenses. 11 Their marketing tactics take advantage of the new popularity for old fashion trends: “Nostalgia is a big hook for Pit Viper converts.” 12 Unique marketing strategy is something many firms strive for to differentiate themselves from competitors and make a memorable impression with their customers. Pit Viper’s “core appeal is in being outrageous. People come to Nike for inspiring basketball ads, they come to Pit Viper for clips of guys face-planting off motorcycles.” 13 The sunglasses brand utilizes old styles to profit off of new trends, and they do it in a quirky way that stays true to their brand.
“Investment buying is top priority, with fashion fans sharpening their elbows to score rare collectibles, exquisite couture and statement jewellery that can be customised and made even more unique.” 14
Whether consumers prefer thrifted goods and vintage styles because it’s a more affordable choice, more sustainable, or simply trendier, shopping secondhand and vintage is a generational trend that will likely continue into 2023 as inflation remains high and owning unique collectible items stays popular.
References
1 Newbold, A. (6 January 2022). From Galliano-Era Dior To Couture, These Are The Biggest Vintage Trends Of 2022. Vogue. https://www.vogue.co.uk/fashion/article/vintage-trends-2022
2 Thredup. (2022). 2022 Resale Report. Thredup.com. https://www.thredup.com/resale/#size-and-impact
3 Newbold, A. (6 January 2022). From Galliano-Era Dior To Couture, These Are The Biggest Vintage Trends Of 2022. Vogue. https://www.vogue.co.uk/fashion/article/vintage-trends-2022
4 Thredup. (2022). 2022 Resale Report. Thredup.com. https://www.thredup.com/resale/#size-and-impact
5 Verdon, J. (7 July 2022). Secondhand Surge: Inflation, Product Scarcity, and New Tech Platforms Fuel Resale Market. U.S. Chamber of Commerce. https://www.uschamber.com/co/good-company/launch-pad/small-businesses-enter-the-resale-market
6 Slatella, M. (4 February 2022). How Shipping Delays Turned Used Furniture Into a Hot Commodity. The Wall Street Journal. https://www.wsj.com/articles/shipping-delays-used-furniture-kaiyo-chairish-11643926167?mod=article_relatedinline
7 Thredup. (2022). 2022 Resale Report. Thredup.com. https://www.thredup.com/resale/#size-and-impact
8 Slatella, M. (5 February 2022). You Might Be Sitting on Extra Cash. Expert Tips on Reselling Furniture. The Wall Street Journal. https://www.wsj.com/articles/reselling-furniture-expert-tips-11643987380?mod=Searchresults_pos2&page=1
9 Gallagher, J. (11 October 2022). A Pair of 1880s Jeans Just Sold for $76,000. Their Pocket Reveals a Complicated Piece of Levi’s History. The Wall Street Journal. https://www.wsj.com/articles/jeans-vintage-levis-1880s-auction-buyer-11665444076?mod=Searchresults_pos1&page=1
10 Gallagher, J. (11 October 2022). A Pair of 1880s Jeans Just Sold for $76,000. Their Pocket Reveals a Complicated Piece of Levi’s History. The Wall Street Journal. https://www.wsj.com/articles/jeans-vintage-levis-1880s-auction-buyer-11665444076?mod=Searchresults_pos1&page=1
11 Gallagher, J. (4 October 2022). The $100 Sunglasses Minting Millions From 1980s Nostalgia. The Wall Street Journal. https://www.wsj.com/articles/pit-viper-sunglasses-retro-80s-ray-ban-ski-shades-11664884608?mod=article_relatedinline
12 Gallagher, J. (4 October 2022). The $100 Sunglasses Minting Millions From 1980s Nostalgia. The Wall Street Journal. https://www.wsj.com/articles/pit-viper-sunglasses-retro-80s-ray-ban-ski-shades-11664884608?mod=article_relatedinline
13 Gallagher, J. (4 October 2022). The $100 Sunglasses Minting Millions From 1980s Nostalgia. The Wall Street Journal. https://www.wsj.com/articles/pit-viper-sunglasses-retro-80s-ray-ban-ski-shades-11664884608?mod=article_relatedinline
14 Newbold, A. (6 January 2022). From Galliano-Era Dior To Couture, These Are The Biggest Vintage Trends Of 2022. Vogue. https://www.vogue.co.uk/fashion/article/vintage-trends-2022
Marketing Management 