News Summary

• Secondhand apparel in the u.s. has grown into an approximately $56 billion market.
• Transactions are up 22% from a year ago, according to a new report from Bank of America.
• Younger shoppers are driving the trend: 62% of Gen Z shopped secondhand last year.
• Inflation is fueling what experts call a K-shaped economy, with higher-income households driving most spending.
• But many on the lower end of the “K’ are finding their paychecks can’t keep up with rising costs.