As the economy plunges into depression with tens of millions of people unemployed, Walmart is taking no chances on losing its customer base and announced this week, it will start selling used clothing, shoes, and accessories on its website.
Walmart recognizes that consumers have been severely affected by coronavirus lockdowns, which has sparked depressionary unemployment levels, had to quickly find new ways to continue expanding sales while offering super low prices. It figured, a partnership with San Francisco-based Thredup, one of the largest online thrift stores in the country, could be that solution, where customers can buy pre-owned garments and shoes and accessories for up to 90% off.
“We are excited to join forces with Walmart to power a sustainable, secondhand shopping experience unlike any other. From Calvin Klein and Nike to Coach and Michael Kors, this digital partnership enhances Walmart’s fashion offering with fresh brands at amazing prices that their customers will love,” said Jenn Volk, Director of Product Management at ThredUP.
Walmart said customers can now shop at www.walmart.com/thredup to find over “750,000 pre-owned items across women’s and children’s clothing, accessories, footwear, and handbags.”
In a severe economic downturn, there is no doubt that the second-hand merchandise market will erupt as people are too poor to buy new things. With 40 million Americans filing for unemployment benefits in ten weeks, we suspect a lot of people will be buying used items and shunning away from new stuff for several years as the downturn is expected to persist through 2021.
Walmart gets it. The second-hand merchandise market is set to explode in the “greatest economy ever.”