[ad_1]
New York
CNN
—
Consumers, spooked by accelerating job cuts, looming recession fears and continuing high prices for goods and services in 2023, are trading down when they’re shopping, and that includes in secondhand stores.
Demand for secondhand goods remains red hot, with the resale market expected to reach $82 billion in sales by 2026, nearly doubling from $43 billion in 2022, according to industry data.
But, just as they are doing with their weekly groceries and purchases of new items such as clothes and shoes, consumers are looking for better value in the resale market.
“We started noticing it in late summer, early fall of last year,” said Sasha Skoda, director of merchandising with online luxury reseller The RealReal
(REAL). “Demand for higher-priced luxury brands at resale is down, which is pushing prices for brands like Chanel,…
[ad_2]
