OfferUp’s 2023 Recommerce Report Reveals 85% of Shoppers Now Engage In Recommerce as Secondhand Shopping Becomes a Mainstream Trend
-
In the past year, 85% of shoppers bought and/or sold secondhand items, with 27% of them doing so for the first time. The recommerce market is projected to reach $276B by 2028.
-
76% of shoppers believe the stigma around secondhand shopping has decreased, and 41% say that buying secondhand is a status symbol.
-
77% of recommerce happens in categories outside of apparel, such as electronics, furniture, home goods, home improvement, sporting goods, outdoor equipment, and auto parts.
-
69% of shoppers have used money earned from reselling items to pay for bills or everyday living expenses, and 39% say reselling has helped them make ends meet.
OfferUp, the largest mobile marketplace in the U.S. for local buyers and sellers, released its 2023 Recommerce Report, available now at www.RecommerceReport.com. The fifth annual report, published in partnership with data analytics firm GlobalData, reveals that 85% of shoppers now buy and/or sell secondhand goods — an increase of 3% from 2022. Furthermore, 27% of respondents ventured into the secondhand market for the first time within the last year.
The surging popularity of secondhand shopping marks a profound transformation in societal attitudes, driven by a notable decline in the stigma once attached to buying pre-owned items. OfferUp’s survey findings revealed that 76% of respondents noted a decrease in the stigma associated with secondhand shopping, primarily attributing it to more affordable options (57%), changing attitudes towards waste (55%), and the increasing availability and variety of secondhand items (54%). The survey also revealed that 41% of shoppers view buying secondhand as a status symbol.
In the past year, 85% of shoppers bought and/or sold secondhand items, with 27% of them doing so for the first time.
Read More: SalesTechStar Interview with Paresh Vankar, CMO at LTIMindtree
Secondhand Shopping’s Rising Appeal Sparks Recommerce Growth
As a result of the growing acceptance of resale, the recommerce market is projected to reach $188.5 billion by the end of 2023. This exponential growth is fueled by the increasing adoption of secondhand shopping and a continuous influx of new buyers and sellers entering the market. By 2028, the recommerce market is projected to reach $276 billion, representing a 58% growth rate, outpacing the overall retail market by 4.4%. By 2028, recommerce is projected to account for 8% of the total retail market, reflecting a 2% increase compared to 2023 and indicating people are increasingly directing their spending toward secondhand products.
While secondhand shopping has roots in apparel, the trend has expanded rapidly into various other categories. Clothing accounts for only 23% (less than 1 in 4) of the items sold through recommerce, with the remaining 77% dominated by categories like electronics, furniture, home goods, home improvement, sporting goods, outdoor equipment, and auto parts.
Value Continues to Be The Strongest Driver for Resale
Amidst ongoing economic uncertainty, recommerce continues to be a favored and valuable option for shoppers seeking more budget-friendly purchases. The top three reasons consumers shop secondhand are to secure a good deal (78%), avoid higher prices due to inflation (58%), and maintain their desired lifestyle within budgetary constraints (34%). Moreover, 47% of shoppers anticipate increasing their frequency of buying and/or selling secondhand items if the economy enters a recession, highlighting the resilience of the recommerce market during challenging economic times.
Notably, reselling has also become a means for many to make ends meet. In 2023, there was a 27% increase in recommerce sellers compared to the previous year. Overall, 69% of sellers have used the money earned from reselling items to pay for bills or everyday living expenses, while 39% state that reselling has helped them make ends meet.
Online Resale Platforms Outpacing Retail in Shopper Preference
Online resale platforms have played a significant role in making secondhand shopping more convenient and accessible, leading to its continued growth and acceptance as an integral part of mainstream culture.
According to our survey, 75% of respondents find shopping on resale platforms just as or more convenient than traditional online shopping, while 47% find them more convenient than shopping through social media platforms. Moreover, 40% find shopping on resale platforms more convenient than shopping at brick-and-mortar retail stores. The top reasons cited for choosing online resale platforms over retail shopping are lower prices and cost savings (70%), a wider variety of unique items available (47%), and the opportunity to discover unexpected treasures (37%).
Read More: ClearSale Launches Innovative New Client Portal
