The back of your closet may be a money-making machine.
With millions of people out of work and an uncertain future looming, many of us are looking for ways to make a few extra bucks. And selling some of your old clothes may help you rake in a small fortune.
More shoppers are looking at secondhand clothes and other goods than ever before, according to the 2020 Resale Report from ThredUp, an online secondhand clothing store.
About 62 million women bought secondhand products in 2019, up from 56 million the year before.
In addition, 70% of women say they have shopped or are open to shopping secondhand as of 2019, compared with 45% in 2016.
Certain clothes brands are especially likely to fetch higher prices, ThredUp says. The 10 most sought-after brands are:
- Tory Burch
- Kate Spade
- Dooney & Bourke
ThredUp notes this is the second straight year that Frye has taken the top slot, while Reformation — a favorite of Generation Z — made the list for the first time.
In compiling its rankings, ThredUp looked at more than 35,000 unique brands on its platform and ranked them based on “demand, virality and value to the seller.”
In a report, CNN Business notes that buying clothes secondhand no longer comes with a stigma. James Reinhart, co-founder and CEO of ThredUp, tells CNN:
“There’s no doubt that millennials and Gen Z have accelerated this trend in the last few years. But now we’re seeing baby boomers and Gen X adopting it, too.”
More ways to make money from old goods
Selling old clothes is not the only way to take in a little extra cash. As we have reported:
“While you’re pulling out brand-name clothes and collectible items, make a separate pile for electronics. Even broken electronics might garner you some extra cash.”
For more tips about how to make money on things you no longer want or need, check out “Cash In on Your Spring Cleaning in 6 Steps.”
If selling isn’t your thing, don’t fret. We have more tips for making extra cash in “10 Money-Making Side Gigs You Probably Haven’t Considered.”