Poshmark Aims To Save You Money (And The Planet) This Secondhand Sunday
Poshmark’s second annual event this Sunday promotes pre-owned gifts — and a more sustainable holiday season.
As you map out your Black Friday and Cyber Monday holiday shopping plans, Poshmark is hoping you swap at least some of those gifts for secondhand deals.
The shopping app is celebrating its second annual Secondhand Sunday on November 26. The holiday, which promotes buying pre-owned gifts, aims not only to create buzz but to reframe the scope of shopping to a more sustainable, affordable model.
“When we introduced Secondhand Sunday last year our goal was to not just create a moment but a movement, encouraging people to think differently about shopping secondhand during the holidays,” Manish Chandra, founder and CEO of Poshmark said in a statement.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Poshmark, which bills itself as a “social” marketplace, will also feature live shopping events in which users can purchase gifts in real time.
Secondhand shopping has seen a massive increase in popularity. According to a 2023 resale report from fellow secondhand retailer ThredUp, the global market is set to nearly double to $350 billion by 2027, three-times faster on average than the overall global apparel market.
Black Friday sales to hit $9.6 billion
Whether new or vintage, shoppers are slated to come out in droves to take advantage of holiday sales this season. Despite inflation, early estimates for Black Friday sales are slated to hit at least $9.6 billion. In addition to exhibiting sales savvy by shopping around various retailers to compare prices, making a separate list for items that might be available on resale sites is a solid tactic for getting the best deal, too.
You might also consider secondhand shopping as a move toward helping the planet. The fashion industry is responsible for an estimated 8% of greenhouse gas emissions, according to a Reuters report earlier this year. As such, some apparel makers are moving toward a more sustainable fashion industry.
Buying and selling on thrifting platforms like Poshmark aligns with that. In fact, Poshmark is helping to push the needle.
To further encourage sellers and buyers to join in on the challenge, the company announced that five sellers who list a new item on the app between now and November 26 will be eligible to win $10,000.
RELATED CONTENT
-
Ask the Tax Editor: Residential Rental Property QuestionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on reporting income and loss from residential rental property.
-
11 Stock Picks Beyond the Magnificent 7With my Mag-7-Plus strategy, you can own the mega caps individually or in ETFs and add in some smaller tech stocks to benefit from AI and other innovations.
-
The Financial Details Every Couple Should Share (Before There’s an Emergency)From passwords to policy numbers, having shared access to key accounts can prevent financial chaos when life throws a curveball.
