Poshmark creates Secondhand Sunday holiday - The Entrepreneurial Way with A.I.


Thursday, November 24, 2022

Poshmark creates Secondhand Sunday holiday


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Dive Brief:

  • Poshmark is kicking off Secondhand Sunday, a shopping event taking place on Nov. 27 when shoppers are encouraged to buy from secondhand sellers during peak holiday season, according to a press release emailed to Retail Dive. 
  • In tandem with the Secondhand Sunday launch, Poshmark and Morning Consult conducted a survey which found that most respondents (over 90%) are open to receiving a secondhand or resale gift for the holidays. More than half (56%) of shoppers are likely to purchase secondhand items for themselves. 
  • Among the used items shoppers are looking for are vintage items broadly (93%), books (91%), home goods (89%), jewelry and watches (88%), furniture (87%) and other luxury goods (87%). Over a third of consumers (36%) said they are worried that they can’t afford the holiday gifts, and 36% are planning to buy fewer gifts, per the survey.

Dive Insight:

Poshmark has introduced the Secondhand Sunday event following a positive third quarter. The marketplace saw an 11% bump in Q3 net revenue compared to 2021. Its gross merchandise volume also rose 7% year over year. 

And as Poshmark sees an uptick in sales, the used goods market is predicted to grow in the coming years. A May ThredUp report projects that the secondhand goods market will increase by nearly a quarter this year and reach $82 billion by 2026. Like Poshmark’s findings, ThredUp’s report found that 62% of Gen Z and millennial consumers search for used items instead of buying them new. 

In addition to Poshmark secondhand gift findings, Jungle Scout Consumer Trends survey of 1,000 shoppers found that a quarter of respondents are buying used items for the holidays to cut their spending. The survey also found that 84% of respondents cited inflation as a factor that has changed their shopping behavior. 

“As more consumers realize the benefits of shopping secondhand, Poshmark sellers are here to serve them with gifts and value they can’t find anywhere else,” Manish Chandra, founder and CEO of Poshmark, Inc., said in a statement. “We want to promote and celebrate the idea that our sellers’ virtual closets are the new must-see holiday storefronts, and invite consumers across the nation to choose secondhand, on Secondhand Sunday and all year long.”

The resale growth hasn’t just been beneficial for Poshmark and other marketplaces. A report from WD Partners found that 92% of consumers trade, buy or sell used goods at least once annually. Almost half of the respondents said they are likelier to go to a big box store for secondhand items, and two in five said the same for department stores.

via https://www.aiupnow.com

Tatiana Walk-Morris, Khareem Sudlow