Get smarter in just 5 minutes
Get the daily email that makes reading the news truly enjoyable. Stay informed and entertained, for free.
Huge news for vintage dealers and your Uncle Dan who collects weird ceramic salt and pepper shakers: Yesterday, Goodwill, a 120-year-old non-profit organization, launched GoodwillFinds, its first centralized online business.
Late in the game but sure to shake things up on name recognition alone, GoodwillFinds is the organization’s answer to Poshmark and ThredUp. The $28 billion thrift industry has exploded in recent years thanks to its popularity with Gen Z, inflation and consumer appetite for sustainable clothing. Even in the era of fast-fashion behemoths like Shein, the second-hand clothing market is expected to grow 16 times faster than the broader clothing market over the next four years.
Currently, products on GoodwillFinds are only provided by a handful of regional Goodwill groups, primarily in the Midwest and West, although more groups will be added in the coming months.
Zoom out: The second-hand market, once seen primarily as a secondary opportunity, is heating up. Levi’s, Patagonia and Lululemon all have their own thrift stores, while online hubs are snapped up for big bucks: Poshmark was acquired by Naver for $1.2 billion yesterday, and last year Etsy bought Depop for $1.6 billion.MK
For more retail news, be sure to subscribe to Retail Brew.