Dive Brief:
- Amid a rise in resale, 85% of consumers said they bought and/or sold used items within the past year, a 3% bump from 2022, according to a survey of 1,500 consumers by OfferUp and GlobalData released Aug. 29. Over a quarter (27%) of respondents said they began buying secondhand goods for the first time in the past year.
- Seventy-six percent of respondents said the stigma associated with secondhand shopping has eased. As for the reason behind that change, 57% of respondents attributed the shifting perception to more affordable options, followed by changing attitudes about waste (55%) and the greater availability and variety of used items (54%).
- Three-fourths of respondents said they felt resale shopping was equally or more convenient and accessible than traditional online shopping. Among the top reasons why shoppers are turning to resale are lower prices (70%), a wider selection of unique items (47%) and the opportunity to find unexpected treasures (37%), the survey found.
Dive Insight:
OfferUp’s findings build on previous research indicating the rise of resale.
According to its 2023 Recommerce Report, the recommerce market is projected to reach $188.5 billion by the end of this year and $276 billion by 2028.
While clothing comprises under a quarter of items sold in the resale market (23%), electronics, home goods, furniture, outdoor equipment and auto parts are some of the other categories that make up the other 77%, according to the report.
Another report from ThredUp released earlier this year estimated that the global resale market will reach $350 billion by 2027, and the U.S. market will reach $70 billion by 2027.
The number of resellers rose 27% year over year, OfferUp’s survey found. Nearly 70% of sellers have used the money from reselling items to pay for bills or everyday living expenses, and 39% said reselling has helped them make ends meet, the survey noted.
OfferUp’s report echoes previous research indicating the popularity of recommerce. According to a report from WD Partners released in November 2022, 92% of U.S. shoppers said they buy, sell, trade or shop used goods at least once annually.
As consumers continue to feel the impact of inflation and an uncertain economy, retailers have viewed resale as an opportunity for growth. For retailers entering the space, the resale market presents a chance — and a challenge — to grow their profits. The WD Partners report noted that retailers with physical stores have an edge in the recommerce market, because it can be difficult to reach profitability in online resale.
