Owning stuff is so last generation. These days, you can loan out parking spots, cars, sports equipment, and even bulldozers. So why on Earth do we stick to the idea of "closet staples" when it comes to our clothing?
A new generation of shoppers is changing that. Reuters reports that young people are being dubbed "NOwners," relying on trading, sharing, and renting to fill out their wardrobes.
They shop at secondhand stores like Crossroads Trading Co. or online through sites like ThredUp, and just resell the clothes back when they're tired of them. They'll get their formal outfits on Rent the Runway, and swap childrens' clothes through startups like Kidizen.
"Instead of paying for something and getting rid of it with no value when you are done, swap and resale gives Millennials the ability to extend the value," marketing executive Jamie Gutfreund told Reuters. "It's efficient and it's green."
The sharing boom shares roots with the explosion of fast fashion. "In the age of Facebook, people don't want to be photographed more than once or twice in the same dress," investor Dan Nova told the news service. But if eco-friendly sentiment wins, it could spell bad news for retailers like H&M and Forever 21.
Check out these resources if you want to get in on the closet-sharing trend:
- Poshmark: The resale site boasts brands like Louis Vuitton, Gucci, and Tory Burch, and also offers "parties," which are real-time shopping events three times a day in their app. When you sell an item, Poshmark sends you a prepaid shipping label and you're good to go.
- Threadflip:Want to sell your stuff, but don't have time to craft the perfect eBay listing? Send your stuff to Threadflip and they'll create the listing and pay you once it sells. They donate any leftovers to Goodwill.
- Tradesy:Not sure how much your stuff is worth? Submit photos of your clothing to Tradesy and they'll propose a price that you can either take or leave. Their site features a wedding-specific site for super-steep discount on used bridal styles.
- Twice: Twice has a concept similar to Threadflip; send your clothes and they'll make you an offer. They buy and sell brands ranging from Gap to Kate Spade. And unlike many competitors, Twice also offers a men's site.