What’s always trending in the resale business is the proprietary resale report, and business-to-business vendor Recurate is ready to show you its step.
Launched Monday, Recurate’s resale report aims to provide an improved blueprint for resale brands while throwing some new customer survey data into fashion. The survey involved 1,000 adults in the US and Canada and was conducted in March 2022 by brand and social influence agency BBMG.
While the report affirms an age-agnostic view of resale (74 percent of consumers already buy secondhand), it also captures the moneymaker: many, mid-priced brands (names like J. Crew, Lululemon, Nike, and Levi’s) that are flipping the art of resale and Complementary Faces of Modern Resale.
Insights include how categories rank in resale (after mass market brands followed by fast fashion brands in demand), seller demographics and brand resale benefits.
Being able to curb overproduction also benefits the brand. “Brands shouldn’t overproduce,” Karin Dilley, vice president of Recurate Partnerships, said in the report. “You can produce knowing that any additional demand can be met through resale.” Brands that offer resale can benefit from discounts due to excess inventory at the end of winter.
The report sets the pace (and reputation) for reselling Lovers. Segment respondents according to specific profiles: consumers (ages 21 to 40, female and suburban earning $30,000 or less), resellers (ages 21 to 40, female and urban earning $50,000 to $100,000 ), “circular” (women aged 18 to 40 and urban earn between $50,000 and $100,000, including freelancers) and “inactive” (ages over 41, all genders and suburbs earn less than $75,000 ). According to Recuret, the circles are “shaping the future of fashion” – 77 percent of these high-income urbanites are buying and selling clothes they own at least once every two to three months. Most of them are flipping goods, 48 percent bought to resell. According to the report, 89 percent of this group buys brand repeat business.
Although the resale service provider will come to the scene in 2020, Recurate is constantly growing. Today, 50 brand partners — such as Steve Madden, Mara Hoffman and outdoor celebrities — are part of Recurate’s stable. Since last year, Recurate’s branded partnerships have grown 71 percent (from nine brands in August 2021 to 32 brands in August 2021) and total merchandise volume quadrupled for the second quarter, though no metrics were provided.