CNN reported that budget-conscious consumers have found a way to avoid high inflation and buy things other than what they need. Instead of retailers’ stores, they visit each other’s homes, closets, outdoor gardens, offices and fitness centers.
Walmart,Target Department StoreMajor chain stores, including Bed Bath and Beyond, are scrambling to promote furniture, electronics, home goods and apparel amid an abundance of goods and lower consumer spending on non-essentials.
But according to OfferUp’s annual online resale market industry report, those items are sought after on the second-hand market. OfferUp CEO Todd Dunlop said in the report: “Despite the resale trend driven by second-hand clothing, our research found that 76% of second-hand sales are not clothing, but electronics, furniture , household goods, home improvement, sporting goods, Categories such as outdoor gear and auto parts.”
EpidemicPreviously, demand for vintage clothing and other items was strong as eco- and budget-conscious Millennials and Gen Z consumers picked up the resale trend. The pandemic fueled this drive, reinforced by rising inflation.
The report is based on research by analytics firm GlobalData and interviews with 2,000 American adults. The report found that 82 percent of Americans, or about 272 million, currently buy and sell used goods. Most said inflation was the main motivation behind their decision to enter the secondary market to save money or make some extra money.
“Inflation increases the number of people participating in the resale market and the number of items available for purchase,” said Neil Saunders, retail analyst at GlobalData.
Active people spend about 27 minutes a day on second-hand sites, interacting with them on Instagram, Facebook and Snapshots, etc.social networking siteIt takes 30 minutes to make a difference.
OfferUp expects secondhand market sales to reach $178 billion in 2022 and grow to $289 billion in 2027, up from $160 billion in 2021.