WHAT'S YOUR CLOSET WORTH?
According to Alliance Data, 25 percent of Americans have clothing and accessories worth between $1,000 and nearly $2,500 in their closet, while a close second — 23 percent — reported their closets being worth up to $5,000. For most women, shirts and shoes made up the bulk of their closets, with 37 percent of women owning up to 49 blouses and 32 percent owning more than 25 pairs of shoes.
The Bureau of Economic Analysis reports an average of $1,700 spent on clothes and accessories annually by American families. Women, on the other hand, spend an average of $3,400 a year. Of items gathered, the average life cycle is about a month before the usage drops to almost zero.
In fact, the average U.S. woman has about 103 items in her closet, yet considers 33 percent of items too tight to wear and 24 percent too loose, with the average American throwing out 65 pounds of clothes annually.
With the high shopping rates and amounts of items in the typical closet, a growing number of shoppers are now trying to avoid overpaying for clothing items that quickly fall out of fashion, opting instead to shop at thrift stores and consignment shops. In fact, 76 percent of Americans are choosing to shop at thrift stores not out of necessity, but for cost saving measures and the opportunity to find truly unique pieces for their closets. Additionally, 73 percent of Americans are environmentally conscious and value the resale industry’s ability to reduce waste.
Not only does the resale industry offer shoppers more variety at a fraction of the cost of traditional retailers, it provides them with a beneficial alternative to having to throw out large amounts of unwanted clothing. Oftentimes, clothes are still in good condition but are no longer needed for a number of reasons, including sizing issues or a change in style.
Because it may be difficult to dispose of items in good condition, individuals are turning to resale shops for the opportunity to earn money for their gently worn clothing while reducing the clutter in their closets. Brands like Plato’s Closet® and Style Encore®, two key players in the resale space, offer consumers the opportunity to find gently used items for a fraction of the price of traditional retailers, while providing them the chance to earn money by bringing in their own gently used clothing, shoes and accessories for resale consideration.
Plato’s Closet specializes in style options for tweens and teenagers, while Style Encore caters to young professionals, moms and adult shoppers. Between the two brands, there is an opportunity for women of any age and style to find looks for less, while trading in their own items of clothing for even more savings and space at home.
If your closet could use some overhaul, consider bringing in your items for resale consideration, while finding some fresh, new pieces to inject some life into your wardrobe.
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