apparel

Depop Debuts 'Depoponomics,' Turning Personal Style Into Cash


As the thrifting trend keeps building, Depop thinks many people are ready to take the next step, turning their vintage style savvy into a personal economic engine.

The campaign, running in the U.S., builds on an expensive reality: Depop cites research showing that 77% of Americans say their closets are cluttered with fashion items they no longer wear, and 34% already mix secondhand clothes with new items. A majority – 57% – say they take resale into account in their household budgeting.

Using “Millionaire,” the 2003 hit song by Kelis, as a backdrop, ads show how people fund everyday expenses by reselling their cast-offs.

Kelis also appears in the ad, and as part of the campaign rollout, Depop is launching a curated shop featuring items selected by the performer. Ads are appearing on connected TV, digital video, social, and creator-led storytelling.

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The Depoponomics campaign “is about meeting people where they are financially and culturally,” said Steve Dool, Depop’s director of brand and creative, in the announcement. “Resale has reinforced the idea that sustainable secondhand shopping is not only imperative for a circular fashion eco-system, but for many consumers, is equally about value, ease, and turning personal taste into income.”

Depop, like its competitors, has been on a growth streak, fueled by bargain-hungry consumers. In its latest quarterly results, parent company Etsy says Depop’s gross sales rose 39% to $292.1 million. Gains came from new users and site improvements that boosted conversion rates. The number of active sellers reached 3 million, a 41% year-over-year increase. And its base of active buyers climbed 39% to 6.6 million.

ThredUp, one of the category leaders, forecasts that the global secondhand apparel market will reach $367 billion by 2029.

 

 

 

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