Report: Resale market continues to grow as stigma decreases
More Americans are warming up to the idea of buying used goods.
That’s according to mobile marketplace OfferUps’ new 2024 Recommerce Report, which found that nearly six-in-10 (58%) shoppers say shopping for items second hand is more enjoyable than buying something new. Over the past year, 35% of shoppers tried resale for the first time, marking an 8% increase in new participants compared to the previous year.
OfferUp found that 72% of shoppers believe the stigma around secondhand shopping has decreased, with 63% admiring those who prioritize secondhand items over new ones. More than half (53%) of respondents consider secondhand shopping a fun and enjoyable hobby, and 55% consistently unearth sought-after pieces they couldn't find or afford new.
“The growing enthusiasm for secondhand shopping transcends simple acceptance; it showcases the joy, desire and fulfillment that shoppers experience through this alternative,” said OfferUp. “This expansion is fueled by a broader societal shift, with secondhand shopping now viewed by many as both a fun hobby and a practical financial strategy. This trend underscores the growing importance of sustainable consumer practices and the pivotal role of resale in today's retail landscape.”
[READ MORE: eBay: Interest in pre-owned goods continues to rise]
The sixth annual report from OfferUp, published in partnership with data analytics firm GlobalData, reveals a projected 55% growth in the resale market by 2029, reaching an estimated $291.6 billion. The report says the expansion will see resale account for 8% of the total retail market by 2029, outpacing the overall retail market by 21%.
Buying second hand goods also comes with emotional rewards, according to the survey, with 66% of respondents reporting feelings of satisfaction, 61% excitement, and 50% joy. Over three-quarters (76%) of shoppers have even received compliments on their secondhand finds, adding to the pride and fulfillment that comes with embracing pre-owned items.
With prices remaining high, resale has become a crucial financial strategy for many consumers. The 2024 report found that nearly three-quarters (74%) of shoppers sell items on online resale platforms to earn extra income, with 60% using their earnings to cover bills or everyday expenses. Reselling has become a side hustle or supplementary income source for 50% of participants, with one-in-four using their profits for travel, vacations, education or self-improvement, and one-in-three applying their earnings to debt repayment.
OfferUp’s 2024 Recommerce Report features a July 2024 survey of 1,500 U.S. adults conducted by Pollfish, which asked specific questions about their second hand buying and selling behaviors.
