Dive Brief:
- More than 70% of consumers globally plan to buy used goods this year, according to eBay’s 2024 Recommerce Report released in May. Additionally, 86% of shoppers surveyed have bought or sold a pre-loved item in the last 12 months, the report found.
- EBay sales of apparel and accessories with “thrifted” in its item description grew over 400% globally from March 2023 to March 2024. Half of eBay’s sellers reported an increase in selling pre-loved compared to 1-5 years ago.
- Per eBay, millennials and Gen Z are driving recommerce. The report said 66% of Gen Z and 62% of millennials agree that shopping pre-loved has grown to be personally important.
Dive Insight:
Social, economic and climate pressures have continued to shape how consumers spend. A 2023 survey from OfferUp and Global Data found that the stigma of buying pre-owned has waned, helping to propel a new era in the circular economy.
According to the eBay report, which gathered consumer and seller insights to explain pre-loved shopping behavior, 53% of customers said fast fashion is environmentally harmful and contributes to unfair labor practices. Sixty-four percent of eBay shoppers surveyed feel recommerce improves the planet's health.
“Recommerce buyers are looking for value, passions, and meaning in their purchases — with the added benefit of sustainability. Together, we’re propelling the Era of Recommerce,” said Renée Morin, eBay’s chief sustainability officer.
Pre-loved and refurbished items make up 40% of eBay’s gross merchandise volume and 77% of customers say buying pre-loved is a recent trend. Many have turned to the secondhand market, and found the joy in bargain-hunting again. 86% of shoppers surveyed have bought or sold a pre-loved item in the last 12 months.
With resale’s rise in popularity, eBay wants to elevate its marketplace to feel “even better than buying new,” Charis Marquez, vice president of fashion at eBay said in a statement.
The report gathered opinions from more than 28,000 eBay sellers and buyers globally. The top pre-loved purchases across categories are in clothes (48%), books (34%), shoes (24%), home and garden (23%), and tech and electronics (22%).
“Ebay has been a driving force behind recommerce, and we continue to invest in tools and technology that fuel the circular economy,” Ebay president and CEO Jamie Ianonne said in a statement.
Globally, eBay shoppers say there are five top reasons for shopping preloved: to save money (62%), for sustainability and environmental benefits (26%), because they’re unable to find a specific item new (25%), they found an affordable brands as pre-loved (24), or because its a collectible (18%).
Similarly, ThredUp releases an annual resale report with its own findings, supporting that preloved apparel makes up a significant portion of customer’s spend and closets. The consignment company found that in 2023, 52% of respondents bought secondhand apparel. Also broken down by age group, 65% of Gen Z and millennials shopped preloved, up 5 points from 2022 as the youth continue to drive interest.
From eBay’s respondents, Gen Z (58%) and millennials (51%) agree that making extra money is a primary motivator for listing pre-loved items. Sustainability is important to 72% of Gen Z and 70% of millennials when deciding to sell their items on eBay. Across sellers globally, 79% surveyed starting on eBay’s marketplace to sell pre-loved goods.
Both eBay and ThredUp respondents agree their pre-loved shopping habits are financially motivated. Over half of ThredUp customers (55%) said they plan to continue purchasing used clothing given the economy doesn’t improve in 2024. For 6 in 10 ThredUp consumers, the top reason they shop secondhand is to snag a better deal.
Half of Gen Z eBay buyers reported saving money to splurge and 21% shop pre-loved once a month. Millennials reported participating in recommerce more frequently with 9% buying weekly and 24% monthly.
