Secondhand clothes market booms to $73 billion a year thanks to thrifty Americans - do you have a fortune tucked away in your wardrobe?

The secondhand clothing market in the US is predicted to boom to be worth $73 billion a year by 2028 - as sales soar among inflation-fatigued Americans.

Last year alone, sales of used clothes, shoes and bags grew 11 percent, according to a new report released by resale site ThredUp and retail analysts GlobalData. 

This was seven times faster than the market for new clothes as Americans are eager to make money selling gear they no longer wear, while others look to save cash compared to buying new items. 

Increasing numbers of Americans are turning to resale sites in a bid to find bargains amid rampant inflation - while also looking for an eco-friendly way to cash in on items they no longer need.

It comes as experts revealed that some classic 1990s toys are now selling for thousands as collectors chase rare items and monetize on the nostalgia boom. 

An increasing number of Americans turn to resale sites in a bid to find bargains amid rampant inflation - while also looking for an eco-friendly way to cash in on items they no longer need

For example, the ultra-rare and diamond-encrusted De Beers 40th Anniversary Barbie is now worth a whopping $85,000, while an original Nintendo 64 from 1996 may be worth as much as $5,651.

And while the secondhand market for luxury clothing is also netting some Americans a huge profit, many are also searching for a cheap deal when shopping secondhand.    

According to the ThredUp's 2024 Resale Report, 60 percent of consumers said secondhand clothes gives them the most bang for their buck. 

Some 55 percent also said they would spend more on used clothing if the economy does not improve. 

Overall, 52 percent of consumers from all generations shopped secondhand last year. 

Globally, the secondhand market for clothes grew 18 percent last year and is forecast to reach $350 billion by 2028, the report said.

Alongside ThredUp, online sites Vinted, Depop and eBay offer platforms for people to sell secondhand clothing. 

'It's evident that resale is now firmly embedded in the fashion landscape,' said Neil Saunders, managing director of GlobalData

Prices on these sites range from tens of thousands of dollars to just a few bucks. 

Listed currently on ThredUp is a brown Mulberry Mitzy Satchel for $319, or a classic pair of tall Ugg boots for $178 - both of which were popular in the 2000s. 

In 2023, the average sale price per item on the marketplace was $23.65.

Increasing numbers of brands are also offering their own secondhand platforms. 

For example in 2020, Levi's launched Levi's Secondhand, its own recommerce site and buyback program, with an ad campaign fronted by model Hailey Bieber. 

Americans can pick up used Levi's on the site for prices ranging from $30 to $60.  

Neil Saunders, Managing Director of GlobalData, said: 'With more than half of all consumers shopping for secondhand apparel last year, it's evident that resale is now firmly embedded in the fashion landscape. 

'Younger shoppers turn to secondhand for self-expression and to help create their personal style; parents rely on secondhand to outfit their families in a cost-effective and eco-conscious way; and older generations turn to secondhand to snag affordable, higher-end brands and for the thrill of the hunt.'

He added that it is this flexibility which plays a key role in the promising growth trajectory of the market. 

Increasing numbers of brands are also offering their own resale platforms. For example Levi's launched Levi's secondhand in 2020 

Listed currently on ThredUp is a brown Mulberry Mitzy Satchel for $319, or a classic pair of tall Ugg boots for $178 - both of which were popular in the 2000s.

The De Beers 40th Anniversary Barbie (pictured) features 160 diamonds on her outfit and sold at auction for $85,000

Despite the awful controller design the Nintendo 64 (pictured) is now the most costly console from the 90s, coming in at $5,651

ThredUp CEO James Reinhart told DailyMail.com how changes to consumer behaviors and the retail landscape have contributed to increasing popularity in the secondhand market. 

'Thrift stores used to be full of products people were giving away, but people have more power to monetize on it now,' he said. 

'The default behavior now is not to give things away.' 

Reinhart said that the research suggests that even if inflation continues to be sticky, people will still engage in the secondhand and resale market in the coming years. 

It comes as some shoppers have suggested that the price of secondhand goods have shot up at an accelerated speed due to rising demand. 

Reinhart countered this, however, insisting that although the price pressure is up, it has not had a large impact on the cost of the items on the market.

'We have not seen a huge price hike from an increase in resellers,' he told DailyMail.com.