OfferUp Report Reveals Inflation and Sustainability Drive Largest Growth by Americans Buying Pre-Owned Products
OfferUp released its 2022 Recommerce Report revealing that recommerce — selling of previously owned, new or used products — grew nearly 15% in 2021.
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This is the highest growth rate since the mobile-based marketplace began publishing the report four years ago.
With more shoppers considering sustainability as a factor in their purchases and inflationary pressure forcing many Americans to watch their finances, recommerce is here to stay.
Many Gen Z and younger people point to sustainability as the primary reason to buy secondhand items, but 93% of all respondents say inflation impacts their decision to shop through recommerce.
According to the report, recommerce spending is expected to reach $178 billion in 2022 and $289 billion by 2027, continuing the industry’s meteoric rise over the next five years.
This provides an opportunity for thrifters and entrepreneurs that explore local flea markets, garage and estate sales, thrift stores, local retail store returns bins and clearance sections to grow their business.
To further emphasize the dynamism of the industry, the survey found that more than half (58%) who engage in recommerce plan to increase their buying and/or selling of pre-owned goods in the next 12 months.
In addition, selling pre-owned items has become a source of primary or secondary income for two in five Americans, a trend particularly prevalent among Millennials and Gen Z.
Additional OfferUp Recommerce Data
- 82%, or 272 million Americans, buy and/or sell pre-owned — similar to the number of Americans who own smartphones.
- 76% of items bought and sold pre-owned aren’t apparel, but rather electronic devices, furniture, housewares, home improvement, sporting goods, outdoor equipment, and auto parts.
- Before purchasing brand new items, 63% of Americans always or often check pre-owned options first.
- 21% of Americans said a reduced carbon footprint motivated them to shop recommerce.
The OfferUp Recommerce Report includes research and data from retail analytics firm GlobalData and is based on a May 2022 survey of 2,000 US adults.
The full report is available at https://recommercereport.com/.
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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.