Inside the booming secondhand luxury market

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Kimberly Adams (1:01)

More escalations in the U.S.-Canada trade war and the rapid growth of the resale market.

From Marketplace in Washington, I'm Kimberly Adams. President Trump ratcheted up his trade war with Canada late yesterday after Canada imposed new tariffs on about $20 billion worth of American goods. Trump announced a ban on imports of some Canadian beer, wine and liquor along with other products. The ban will take effect later this month if the two sides can't reach an agreement. Marketplace's Henry Epp has more.

Henry Epp (1:32)

Booze has been at the center of the trade war with Canada ever since President Trump first started threatening to annex the United States' northern neighbor early last year. In response, many Canadian provinces pulled American alcohol from the shelves of government-owned liquor stores. American brands have returned to some Canadian stores, but a strict ban remains in effect in Ontario, the country's largest province. Now, President Trump is threatening to ban imports of Canadian beer, wine, whiskey and other spirits, along with motorcycles and whey protein, starting on September 29th. However, some Canadian brands have breweries and bottling plants in the US., so they may still be available to Americans, even if the ban takes effect. Meanwhile, Canada's Trade Minister said on social media that he's been in contact with US. Trade Representative Jameson Greer. Reuters reports the two are expected to speak again in the next few days. I'm Henry App for Marketplace.

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Kimberly Adams (3:50)

New York Fashion Week kicks off tomorrow with 70 official runway shows and designer presentations. And while the rich and famous may buy those clothes right away, in the future, many items will likely get a second and maybe third or fourth life in the resale market. The second-hand market for designer clothes is booming. Online reseller, The RealReal, says demand for vintage on the site is up more than 400% since 2020

And rival ThredUp projects the global resale market will hit $400 billion by 2030 Karina Cohen writes, Bottom Feeders Anonymous on Substack. It's a newsletter focused on second-hand and resale shopping. Good morning, Karina.

Karina Cohen (4:31)

Hi. Good morning.

Kimberly Adams (4:33)

You've been digging through these resale reports with, as you say on your Substack, the seriousness of a finance guy scouring the Federal Reserve's economic projections. So as a finance girl who scours those things myself, what stood out to you this year?

Karina Cohen (4:48)

It wasn't so much about what people buying or how much they were spending. It was more about an attitude shift that's happening. That's more about prioritizing things like authenticity and personal taste. There's also a shift in prioritizing future resale value. So when shoppers are making purchases, they're thinking about selling it down the line and how good of an investment it will be as a future return.

Kimberly Adams (5:12)

Can you say a bit more about that? Because that idea of investment and value came up quite a bit in both the reports from The RealReal, which tends to have more high-end stuff, and ThredUp, which has more regular clothes.