Thrifting is on the rise. Whether fueled by a desire to shop more sustainably, find unique pieces, or save money, consumers have been increasingly turning to secondhand clothing stores for their new threads. And interest in thrift shopping is only expected to grow over the next few years – with some estimates putting the U.S. secondhand market at $73 billion by 2028.
With 2024 nearly at the midway point, we dove into the data to take a closer look at the segment.
Key Takeaways:
- Thrift stores showed consistent monthly year-over-year (YoY) visit growth between January and May 2024 – and are drawing significantly more visits than before COVID.
- Diving into individual secondhand chains reveals strength across brands: Goodwill, Crossroads Trading Co., and Savers all enjoyed consistent YoY visit growth in early 2024.
- Thrift stores in 2024 also serve an economically diverse customer base – Goodwill draws visitors from areas with median household incomes (HHIs) below the nationwide median, while Crossroads Trading Co. attracts more affluent consumers and Savers attracts average-income shoppers.
- Still, thrift shoppers place a high premium on bargains. Between January and May 2024, visitors to Crossroads Trading Co. and Savers were more likely to visit Goodwill than any other clothing chain, and all thrift store shoppers displayed a strong affinity for off-price retailers.
Thrift Is A Winner
The past few years have seen a growing interest among consumers in all things value, and thrift shops have been reaping the benefits. Between January and May 2024, the segment experienced strong monthly year-over-year (YoY) foot traffic growth. And compared to pre-COVID, too, thrift stores drew 29.6% more foot traffic in Q1 2024 than in Q1 2019.
Secondhand Stars
Diving into the visit performance of individual thrift store chains reveals strength across a variety of brands. YoY visits to Goodwill, Crossroads Trading Co., and Savers were consistently elevated between January and May 2024.
Thrifty Business
Who are the shoppers driving thrift shop visit growth? Analyzing the demographics of thrift store visitors’ trade areas reveals that in 2024, thrift stores serve an economically diverse customer base. Data from the STI: PopStats dataset combined with Placer.ai captured market data shows that Goodwill draws customers from areas with a median household income (HHI) below the nationwide median $76.1K. Savers, for its part, draws shoppers from average-income areas, while Crossroad Trading Co. attracts a high-HHI customer base – likely due to the chain’s strong presence in affluent California and focus on high-end items.
Favoring Other Thrift, Off-Price Chains
Still, a look at the wider apparel shopping habits of thrift store visitors shows that these shoppers tend to be bargain hunters: Between January and May 2024, visitors to Crossroads Trading Co. and Savers were more likely to visit Goodwill than any other clothing chain. But they – together with Goodwill visitors – also did plenty of shopping at off-price chains like Ross Dress For Less, Marshall’s, and T.J. Maxx. (Crossroad Trading Co., which places a strong emphasis on selling on-trend, high-end items, also saw many of its customers shopping at Macy’s, while Savers visitors were more likely to frequent Kohl’s).
This consistent interest in budget-friendly venues underscores the strong preference for value among the growing ranks of thrift store shoppers
Thrift Store Gold Rush
Thrifting is proving its staying power, with visits to major thrift stores outpacing those of other apparel categories. Will the secondhand market continue on its upward trajectory?
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