OfferUp Recommerce Report: Don’t Be Shy To Give Pre-Owned Holiday Gifts in 2022. The Majority of Americans Are Just Fine With It!
Can recommerce save the holiday season for some online merchants? A new report from OfferUp looked at how Americans perceive giving and receiving previously owned holiday gifts.
- Do you need a business bank account for your online business? Have a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits.
- AI can change your entire social media game today. Learn how you can save time writing engaging content faster. [sponsored]
- How to lower your taxable income and pay less in taxes. [sponsored]
- ‘My Community Made’ is a new marketplace to compete with Etsy and Amazon Handmade.
- EXCLUSIVE: Interview with Chris Prill, VP eBay Motors, discussing the new Guaranteed Fit program.
In a nutshell, the report found that soaring inflation and concerns about product availability have increased the willingness of Americans to consider pre-owned products.
51% said they are turning to recommerce (or purchases from resellers) to avoid inflated prices. OfferUp’s survey found that 43% of shoppers noticed prices are considerably higher than ever before.
Comparison shopping is becoming the norm with 86% saying they are likely to price check a gift on online resale platforms before buying it at retail.
In addition, 29% see pre-owned gifts as a way to find out-of-stock items.
But concerns about shipping delays (27%) and the stress of shopping in-store (26%) are also affecting the decision to buy through resale.
Additional data shows that the stigma of pre-owned items has decreased as more shoppers are looking for bargains as a way to save money.
75% of Americans said they are more open to giving pre-owned gifts, and even a larger number (82%) have no qualms about receiving a pre-owned gift.
In addition, 74% agree that gifting pre-owned items is more socially acceptable than ever before.
Recommerce is Growing
These findings shouldn’t be surprising as OfferUp released its annual recommerce report earlier this year highlighting the meteoric rise of sales in pre-owned items.
In 2021, selling previously owned, new or used products grew by nearly 15%. Gen Z and younger people pointed to sustainability as the primary reason to buy secondhand items, with inflation being a secondary factor.
But as inflation continued to force Americans to tighten their wallets, it clearly became a more significant factor going into the holiday season, across all demographics.
While online inflation may be easing a bit, sustainability will continue to be a dominant factor.
The trend may even continue to fuel the growth further as younger people are increasingly becoming more vocal in the climate change discussion, pushing governments to do more.
Earlier this year, OfferUp’s recommence report said it expected recommerce to reach $178 billion in 2022 and $289 billion by 2027. Could these expectations end up on the low end, at least for 2027?
Connect with us: Head over to our Facebook Group for Small Business Sellers and interact with other small business owners.
Follow us on Facebook, Twitter, or LinkedIn to stay up to date with relevant news and business insights for your online business.
Subscribe to Our Newsletter
Business Insights for Your Online Business Presented with a Dash of Humor
We do not share your information and you can unsubscribe anytime.
Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.