Summary
- • The global recommerce market size was valued at USD 160.1 billion in 2021
- • The recommerce market is expected to grow at a CAGR of 14.8% from 2022 to 2030
- • Apparel accounts for 49% of the total recommerce market
- • Electronics represent 20% of the recommerce market
- • Books and media make up 13% of the recommerce market
- • Home goods and furniture constitute 11% of the recommerce market
- • The resale market is expected to grow 11 times faster than the broader retail clothing sector by 2025
- • 77% of consumers are motivated to purchase secondhand goods to save money
- • 71% of consumers who have never resold their clothes are open to trying it
- • 62% of Gen Z and Millennial consumers look for secondhand items before purchasing new
- • The global secondhand apparel market is projected to grow to $77 billion by 2025
- • Recommerce is expected to account for 14% of the apparel market by 2024
- • The resale market is growing 21 times faster than the retail market
- • 90% of Gen Z consumers have made secondhand purchases
- • 42% of Millennials and Gen Z will choose secondhand as their first option when shopping
Move over fast fashion, theres a new trend in town – recommerce! With the global recommerce market booming at a value of USD 160.1 billion in 2021 and projected to grow at a staggering CAGR of 14.8% from 2022 to 2030, its clear that secondhand is the new black. From apparel dominating at 49% of the market to the rising popularity of secondhand electronics and books, it seems resale is the hottest ticket in town. Join the thrifting revolution as we delve into the fascinating stats and trends shaping the future of recommerce!
Business Strategy
- 58% of retail executives say they have implemented or are planning to implement recommerce
- 72% of retail executives believe that recommerce will be important to their customers in the next 3-5 years
- 88% of retail executives believe recommerce will be a higher priority for consumers in the next 5-10 years
- 60% of retailers have implemented or are planning to implement buy-back programs
- 42% of retailers say they use recommerce to attract new customers
Interpretation
In the ever-evolving world of retail, recommerce is not just a trend—it's a strategic imperative for staying relevant. With a whopping 88% of retail executives predicting that recommerce will become a top priority for consumers in the next decade, it's clear that the second-hand economy is here to stay. From implementing buy-back programs to leveraging recommerce to entice new customers, retailers are recognizing the value of sustainable practices and circular economies. So, whether you're a seasoned thrifter or a die-hard brand aficionado, get ready to see more pre-loved gems on the shelves—it's not just about buying, but about buying in a way that pays it forward.
Consumer Behavior
- 77% of consumers are motivated to purchase secondhand goods to save money
- 71% of consumers who have never resold their clothes are open to trying it
- 62% of Gen Z and Millennial consumers look for secondhand items before purchasing new
- 90% of Gen Z consumers have made secondhand purchases
- 42% of Millennials and Gen Z will choose secondhand as their first option when shopping
- 33% of consumers say they care more about wearing sustainable clothing than they did before the COVID-19 pandemic
- 70% of consumers agree that addressing climate change is more important now than ever
- 36% of consumers say they sell their used items to earn extra money
- 65% of women have bought or are open to buying secondhand products
- The average thrifter buys 7 secondhand items per year
- 40% of consumers consider the resale value when purchasing luxury items
- 33% of consumers say they bought more secondhand items in 2020 than in previous years
- 82% of people have or are open to shopping secondhand when money gets tight
- 43% of consumers say they plan to spend more on secondhand in the next 5 years
- 70% of consumers have purchased or are open to purchasing refurbished electronics
- 54% of consumers say they're more likely to buy from retailers that offer secondhand items alongside new items
- 75% of recommerce shoppers plan to increase their spending on secondhand items in the next 5 years
- The average consumer owns $7,000 worth of goods that they no longer use
- 62% of consumers say they consider the resale value when making luxury purchases
- 79% of consumers plan to increase their spending on secondhand items in the next 5 years
- 44% of millennials and 37% of Gen Z say they consider resale value when making purchases
- 72% of consumers say they prefer to buy from environmentally friendly brands
- 58% of consumers say they're more likely to buy from brands that offer recommerce options
- 66% of consumers say they use recommerce platforms to find unique or vintage items
- 82% of consumers say they're more likely to shop from brands that have a positive environmental impact
- 71% of consumers say they plan to shop more secondhand in the future to reduce waste
- 68% of consumers say they're more likely to buy from brands that offer repair or refurbishment services
- 55% of consumers say they've purchased secondhand items as gifts
Interpretation
In a world where sustainability and savings reign supreme, the Recommerce Industry is having its moment in the sun, with statistics painting a picture of a consumer base that is not only thrifty but also socially conscious. From Gen Z to Millennials, the trend of embracing secondhand goods is on the rise, with a significant portion of shoppers prioritizing eco-friendly practices and the circular economy. The numbers speak volumes, revealing a shift towards a more mindful approach to consumption, where the resale value of items and environmental impact play crucial roles in purchasing decisions. As recommerce continues to gain traction, it's clear that buying used isn't just a passing fad but a movement towards a more sustainable and responsible future.
Market Growth
- The recommerce market is expected to grow at a CAGR of 14.8% from 2022 to 2030
- The resale market is expected to grow 11 times faster than the broader retail clothing sector by 2025
- Recommerce is expected to account for 14% of the apparel market by 2024
- The resale market is growing 21 times faster than the retail market
- Resale has grown 25 times faster than retail in the last 5 years
- The luxury resale market is projected to grow at a CAGR of 12% from 2021 to 2025
- Recommerce platforms saw a 69% increase in new sellers in 2020
- The recommerce market is expected to be 1.5 times the size of fast fashion by 2028
- The global market for secondhand luxury goods is expected to grow at a CAGR of 15.5% from 2021 to 2028
Interpretation
In a world where sustainability and savvy shopping are gaining momentum, the recommerce industry is strutting down the runway of success with confidence. With a CAGR of 14.8% from 2022 to 2030, the recommerce market is set to revolutionize the way we think about fashion consumption. The resale market is not just outpacing, but sprinting miles ahead of the broader retail clothing sector, projected to grow a whopping 11 times faster by 2025. As recommerce gears up to claim a 14% stake in the apparel market by 2024, one thing is clear - secondhand is the new black, and luxury resale is the crown jewel in this thrifting throne. So hold on to your vintage handbags and pre-loved treasures, because the recommerce revolution is here to stay, turning trash into treasure and fast fashion into a thing of the past.
Market Size
- The global recommerce market size was valued at USD 160.1 billion in 2021
- The global secondhand apparel market is projected to grow to $77 billion by 2025
- The recommerce market is expected to reach $64 billion by 2024
- The secondhand market is projected to double in the next 5 years, reaching $77B
- The global online recommerce market is expected to reach $65 billion by 2024
- The recommerce market for luxury goods is expected to reach $45 billion by 2025
- The recommerce market for electronics is expected to reach $65 billion by 2024
- The recommerce market for home goods is expected to reach $16.6 billion by 2025
- The global market for secondhand books is expected to reach $4.8 billion by 2025
- The recommerce market for luxury watches is expected to reach $29.4 billion by 2025
- The recommerce market for baby and kids' items is expected to reach $5.5 billion by 2024
- The recommerce market for sporting goods is expected to reach $30.3 billion by 2027
Interpretation
The recommerce industry isn't just recycling old goods; it's cashing in on a global movement towards sustainability and savvy consumerism. With the market for secondhand apparel projected to double in the next five years and luxury goods, electronics, home goods, and even baby items following suit, it's clear that the secondhand economy is no longer just a niche market. As the world wakes up to the value of pre-loved treasures, it seems that 'new' is no longer the only measure of luxury. So, if you thought your old stuff was worthless, think again - it might just be the next hot commodity in the recommerce revolution.
Product Categories
- Apparel accounts for 49% of the total recommerce market
- Electronics represent 20% of the recommerce market
- Books and media make up 13% of the recommerce market
- Home goods and furniture constitute 11% of the recommerce market
- The global market for secondhand smartphones is expected to reach $67 billion by 2023
- The global market for refurbished smartphones grew 4% in 2020, reaching 137 million units
- The global market for refurbished and used mobile phones is expected to reach $67 billion by 2023
- The global market for refurbished medical devices is expected to reach $21.2 billion by 2027
- The global market for refurbished computers and laptops is expected to reach $10.5 billion by 2025
- The global market for refurbished smartphones is expected to reach 351 million units by 2024
Interpretation
In a world where pre-loved seems to be the new black, the recommerce industry is boogieing down with some serious stats. Apparel struts its stuff at 49%, showing that the fashion-forward are turning secondhand into a first choice. Electronics join the party at 20%, proving that being tech-savvy doesn't have to break the bank. Meanwhile, books and media whisper tales of vintage vibes at 13%, while home goods and furniture bring up the rearguard at 11%. With refurbished smartphones set to dominate the dance floor at $67 billion by 2023, it's clear that sustainability and savvy shopping are the hottest trends in town. So, dust off your old devices, and get ready to join the recommerce revolution before it's all sold out!
