Affluent buyers embrace secondhand shopping
By The Exchange Team
Bargaining isn't new. The Covid epidemic boosted "thrifting," or purchasing and selling used goods.
Some financially-strapped households initially shopped secondhand to save. It got popular.
So-called recommerce expanded about 15% in 2021, twice as quickly as the broader retail market, according to an OfferUp research.
While clothing resale dominates the industry, 82% of Americans, or 272 million people, buy or sell used goods.
Recommerce is expected to grow by 80% over the next five years, reaching $289 billion.
Value motivates most resale buyers. Average thrift-store consumers save $150 a month, or $1,760 a year.
Money isn't the main motivator. Sustainability and hard-to-find premium items are other reasons shoppers flock to secondhand.