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 accordance with OfferUp’s 2023 Recommerce Report.
Previously yr, 85% of buyers stated they purchased and/or bought used objects, with 27% doing so for the primary time. A key motive for the surge, OfferUp’s survey discovered, was that 76% of customers say the stigma round secondhand buying has decreased. In truth, 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 getting used are: securing a very good deal, 78%; avoiding increased costs due to inflation, 58%; and desirous to stay inside budgetary constraints, 34%. Among the many 1,500 folks surveyed by way of 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 financial system enters a recession.
However regardless of what the financial 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 usually consider attire as a go-to resell merchandise, 77% of resale happens outdoors of attire in classes similar to furnishings and residential items, electronics, dwelling enchancment, sporting items, out of doors tools and auto elements.
Respondents stated 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% stated reselling helps make ends meet and 69% have used the cash to pay payments or for on a regular basis residing bills.