As a leader in secondhand retail, Poshmark may see an uptick if an economic recession hits consumers in 2022-23.
Poshmark has more than 80 million users. Its “Brand Closet” allows big brands to sell directly on/thru the platform. With this program, brands can sell limited-edition products and get rapid customer feedback on new, limited releases.
Poshmark touts the fact that many of its GenZ and Millennial customers buy big name brands on its platform for the first time. In this way, platforms like Poshmark offer real potential for early stage discovery (by customers), while allowing bigger brands to refresh their audience cohorts (moving to younger, first-time buyer).
Large brands such as Nike, Lululemon, Patagonia, REI, Levis and a long list of other major fashion labels have resale/trade-in/secondhand programs. These programs combine severals objectives nicely, including; sustainability, loyalty and new customer growth aims.