Inflation Drove more Consumers to Secondhand Market
As inflation continues driving shoppers to reach deep into their pockets, many people are doing what they can to save some extra cash. One of those options is secondhand shopping or selling. Now Americans are scooping up secondhand items at a record pace, thanks to a surge in digital resale platforms.
According to CouponBirds' data, people's search queries for secondhand goods continue to grow since 2018 which indicates that people's buying demand for secondhand goods has been increasing since the pandemic of 2019. Although people's demand for secondhand goods is rising, their interests in different states of America are not the same.
The map below shows the interest trends of secondhand goods in each state of the US.
It can be found that Residents of Georgia showed the highest interest in used goods, followed by Alabama, and Indiana in third, while residents of the District of Columbia showed the least demand for used goods.
According to a survey conducted by ThredUp, among respondents, 58% of consumers say secondhand has helped them in some way during a time of inflation. Looking ahead, 25% of consumers say they'll consider buying more secondhand products if prices in apparel, footwear, and accessories keep rising. Sixty-two percent of Gen Z and millennial consumers said they look for items secondhand before buying new ones. And almost half of Gen Z and millennial consumers (46%) consider the potential resale value of an item before purchasing it, per the report.
People's interests in secondhand goods also boost the sales of the secondhand market. According to CouponBirds' data, the sales of the secondhand market in the US. continue to rise since the inflation keeps running hot.
In 2022, sales of the resale market are estimated at 54 billion dollars which will be an increase of over 50% compared to 35 billion in 2021. And the U.S. secondhand market will more than double by 2026, reaching $82 billion, 16 times faster than the broader retail fashion market.
The above data proves that more and more merchants and consumers are willing to sell and buy in the secondhand market. Secondhand goods have become a good choice for people when they are facing the soaring prices caused by inflation.
Jennifer Braun, "U.S. secondhand market to double by 2026: ThredUp". Archived from the original on May 18, 2022. Retrieved June 17, 2022.