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Wednesday, May 31, 2023

ThredUP Inc. (TDUP) Makes Good Progress

Last week, secondhand clothes retailer ThredUP Inc. (NASDAQ: TDUP) revealed statistics from its Thrift for the Holidays study. According to the poll, more than half of Americans are prepared to economise on gifts this year and in general, without jeopardising the enjoyment of receiving a used item as a gift.

ThredUP issued the Holiday Savings Report last week, which was based on a poll of more than 2,000 consumers and compiled by GlobalData. According to the report, around 52% of customers are concerned about price hikes due to inflation and supply chain issues.

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As a result, every third responder feels that purchasing a present will be tough this year. Given the current year’s exceptional conditions, 66 percent of buyers would take a used item as a present. Generation Z members were ready for a new gift in 72 percent of cases. Almost every second poll respondent (49%) stated that they are considering saving a little money this year while purchasing presents.

According to the study, 53% of respondents expect to adapt their holiday purchasing this year to meet shipment delays. Another 62 percent of customers say it is now more socially acceptable to buy secondhand apparel and attractive presents than it was five years ago.

People’s readiness for used goods, according to ThredUP management, is a tremendous chance to grow sales. The firm states that it is a fantastic option as a platform for selecting gifts as early as today. The fact that all of the items on ThredUP are available is also highlighted.

This is a significant competitive advantage in the face of delivery delays. Especially for individuals who will put off buying gifts until the last possible minute. ThredUP was able to lower costs on the eve of the Christmas season, making the platform’s items even more appealing.

On November 22, TDUP was trading at $19.31, over 39% below its IPO highs.

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