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Mobile marketplace OfferUp has released its much-anticipated annual Recommerce Report for 2023, demonstrating the growing prevalence of secondhand commerce.In collaboration with data analytics firm GlobalData, the fifth edition of the report revealed a shift in consumer behavior.
August 30, 2023
Mobile marketplace OfferUp has released its much-anticipated annual Recommerce Report for 2023, demonstrating the growing prevalence of secondhand commerce.
In collaboration with data analytics firm GlobalData, the fifth edition of the report revealed a shift in consumer behavior.
In the last year, 85 percent of shoppers engaged in secondhand transactions, with 27 percent among them doing so for the very first time, according to the report.The report projected that the recommerce market will grow to a $276 billion valuation by the year 2028. A majority of shoppers - 76 percent - identified a decline in the stigma associated with secondhand shopping, with 41 percent considering it a status symbol.
The OfferUp Recommerce Report drew insights from a collection of sources, including consumer surveys, meticulous retailer tracking, official data, and secondary resources. The report also includes a June 2023 survey conducted by third-party online market research firm Pollfish involving 1,500 American adults. Complementary data from OfferUp's internal community records and autonomous secondary research endeavors was also utilized.
The recommence movement reaches far beyond fashion, encompassing categories such as electronics, furniture, home goods, home improvement, sporting gear, outdoor equipment and automotive parts. The report underscored that 77 percent of recommerce activity occurred outside of textiles/apparel.
In addition, 69 percent of shoppers revealed that earnings from reselling items have contributed to covering bills and daily expenses, with 39 percent affirming that such transactions have been instrumental in meeting financial needs.
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