SEATTLE — The rising acceptance for resale has propelled extra buyers to purchase objects, together with furnishings and residential furnishings, within the estimated $188.5 billion secondhand market, in keeping with OfferUp’s 2023 Recommerce Report.
Previously yr, 85% of buyers mentioned they purchased and/or bought used objects, with 27% doing so for the primary time. A key purpose for the surge, OfferUp’s survey discovered, was that 76% of shoppers say the stigma round secondhand purchasing has decreased. In actual fact, for 41%, shopping for pre-owned merchandise is a standing image.
Different causes for looking for secondhand items included altering attitudes towards waste (55%) and elevated assortment (54%).
The highest causes given for purchasing used are: securing an excellent deal, 78%; avoiding increased costs due to inflation, 58%; and eager to stay inside budgetary constraints, 34%. Among the many 1,500 individuals surveyed through Pollfish in June for the fifth annual report printed in partnership with GlobalData, 47% anticipated growing the frequency of their shopping for and/or promoting of secondhand objects if the economic system enters a recession.
However regardless of what the economic system does, recommerce is projected to develop to an estimated $276 billion by 2028, which represents a 55% development fee. By 2028, recommerce can also be projected to account for 8% of complete retail gross sales.
Whereas many individuals sometimes consider attire as a go-to resell merchandise, 77% of resale happens exterior of attire in classes reminiscent of furnishings and residential items, electronics, residence enchancment, sporting items, out of doors gear and auto components.
Respondents mentioned they’ve acquired, on common, 21% of their belongings from the secondhand market previously 12 months. The highest-sellers are fundamental, on a regular basis objects in good situation (69%); name-brand objects at a extra reasonably priced worth (68%); and distinctive or classic objects (59%).
Together with shopping for pre-owned objects, 27% extra recommerce sellers entered the market in 2023. Amongst them, 39% mentioned reselling helps make ends meet and 69% have used the cash to pay payments or for on a regular basis dwelling bills.