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The back of your closet can be a money machine.
Many of us are looking for ways to earn a few extra dollars as tens of millions of people are unemployed and an uncertain future is imminent. And selling some of your old clothes can help you make a small fortune.
According to ThredUp's resale report 2020, an online second-hand clothing store, more shoppers are looking for second-hand clothes and other goods than ever before.
Around 62 million women bought used products in 2019, compared to 56 million in the previous year.
In addition, 70% of women state that they have made purchases or can buy second-hand from 2019, compared with 45% in 2016.
Certain clothing brands are likely to get particularly high prices, ThredUp says. The 10 most popular brands are:
- Tory Burch
- Kate Spade
- Dooney & Bourke
- Radiation protection
ThredUp notes that this is the second year in a row that Frye has taken first place, while Reformation – a generation Z favorite – was on the list for the first time.
When compiling its rankings, ThredUp examined more than 35,000 unique brands on its platform and classified them according to "demand, virality and value for the seller".
In a report, CNN Business states that buying second-hand clothing is no longer a stigma. James Reinhart, co-founder and CEO of ThredUp, told CNN:
“There is no doubt that millennials and Gen Z have accelerated this trend in recent years. But now we're seeing Baby Boomers and Gen X doing it too. "
More ways to make money from old goods
Selling old clothes is not the only way to make a little more money. As we reported:
"While pulling out branded clothing and collectibles, create a separate pile for the electronics. Even broken electronics can earn you extra money."
For more tips on how to make money from things you no longer want or need, see "Benefiting from your spring cleaning in 6 steps".
If selling is not your thing, don't fret. We have more tips on how to make extra money on "10 Side Gigs That You Probably Didn't Consider".
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