In a world where Vinted, Depop, and eBay have revolutionized the secondhand market, one journalist decided to explore the potential of reselling as a side hustle. The experiment began with a simple £3 top from a Salvation Army shop, which sold for £9 on Vinted within hours. This unexpected £6 profit sparked curiosity about the viability of reselling as a money-making venture.
Intrigued by the possibilities, the journalist embarked on a month-long experiment to test the waters of the reselling world. The rules were simple: source items only from charity shops and car boot sales, and invest profits back into "stock" to see how much could be earned in 30 days.
The global second-hand apparel market, valued at $96 billion in 2021, has seen exponential growth in recent years. This surge is partly due to increasing awareness of fast fashion's environmental impact, with the average American discarding about 81 pounds of clothing annually.
During the experiment, the journalist quickly learned that charity shops are not the goldmine they once were. Volunteers have become more savvy, often using resale apps to price items competitively. Car boot sales, however, proved to be a treasure trove of potential profits.
The strategy involved focusing on brands known to perform well on resale platforms, such as Zara, &Other Stories, and Whistles. Fast fashion brands like Shein and Primark were avoided due to their minimal resale value. This approach aligns with the projected growth of the resale apparel market, which is expected to outpace the retail clothing sector by 16 times by 2026.
Some notable finds included a Weekday denim jacket purchased for £2 and sold for £10, and a Love To Dream newborn swaddle bought for £2 and resold for £10. These successes were balanced by challenges, such as a Nike jacket that proved difficult to sell and a Whistles dress missing its belt, highlighting the importance of thorough item inspection.
The experiment revealed that while percentage profits can be impressive, the actual earnings may be modest. After a month, the gross profit stood at £38, a 350% increase from the initial £3 investment. However, the net profit was £13.50, with £24.50 reinvested in unsold stock.
"While reselling might not make me my millions, it may very well help fund my own secondhand shopping habit."
This experiment sheds light on the growing secondhand market, which is projected to reach $218 billion by 2026. It also underscores the potential of reselling to reduce textile waste, with the average garment lifespan currently estimated at just 3.3 years.
In conclusion, while reselling may not replace a day job, it offers an interesting avenue for those looking to make extra cash and contribute to a more sustainable fashion ecosystem. The key lies in developing a keen eye for valuable items, understanding market trends, and being patient with the sometimes unpredictable nature of online sales.