The Latest Recommerce Industry Statistics Explained
The global recommerce industry was valued at around $32.6 billion in 2019.
The statistic that the global recommerce industry was valued at around $32.6 billion in 2019 indicates the total economic worth of the market for selling previously owned or refurbished goods. This value reflects the revenue generated from transactions involving the resale, trade-in, or donation of used products across various sectors such as fashion, electronics, and furniture. The figure highlights the substantial size and growing importance of the recommerce industry as consumers increasingly turn to more sustainable consumption practices, contributing to the circular economy by extending the life cycle of items and reducing waste. It also underscores the opportunities for businesses to capitalize on the demand for pre-owned goods and for policymakers to support initiatives that promote a more environmentally friendly approach to commerce.
Around 56% of women have bought or were willing to buy second-hand products in 2020.
The statistic that around 56% of women have bought or were willing to buy second-hand products in 2020 suggests a prevalent trend towards sustainable and thrifty consumer behavior among women during that year. This statistic indicates that a majority of women either actively participated in purchasing pre-owned items or were open to the idea of doing so, reflecting a shift towards valuing environmental consciousness, cost-effectiveness, or unique items with history. The significant proportion of women engaging in second-hand shopping highlights a growing awareness of the impact of consumer choices on sustainability and affordability, shaping a more mindful approach to consumption within the female demographic.
About 48% of consumers think recommerce is the way to help reduce fashion’s environmental impact.
The statistic indicates that nearly half of consumers believe that engaging in recommerce, which involves buying and selling secondhand or used items, is a promising approach to address fashion industry’s environmental footprint. This suggests a growing awareness and preference among consumers for sustainable consumption practices aimed at reducing the environmental impact of the fashion industry. By supporting recommerce, consumers can contribute to mitigating the negative effects of fast fashion on the environment by extending the lifecycle of clothing items and promoting a more circular economy. This statistic highlights a potential shift in consumer attitudes towards more eco-friendly and socially responsible purchasing behaviors within the fashion industry.
An estimated 2.3 billion consumers worldwide were purchasing secondhand goods in 2017.
This statistic indicates that in 2017, approximately 2.3 billion individuals globally engaged in purchasing secondhand goods. This demonstrates a significant trend towards the consumption of used items across various markets and consumer segments. The popularity of secondhand goods highlights a shift towards sustainable consumption practices, as buying pre-owned items reduces waste and environmental impact. The growing market for secondhand goods suggests that consumers are increasingly valuing affordability, uniqueness, and sustainability when making purchasing decisions. This statistic reflects a global movement towards more conscious consumption habits and a changing attitude towards the perception of used products.
The clothing resale market has grown 21 times faster than the retail market in the past three years.
The statistic indicating that the clothing resale market has grown 21 times faster than the retail market in the past three years suggests a substantial and rapid expansion of the resale sector within the clothing industry compared to traditional retail outlets. This growth rate highlights a significant shift in consumer behavior towards second-hand shopping and emphasizes the increasing popularity and sustainability of pre-owned clothing options. Factors driving this rapid growth may include a rising awareness of environmental concerns, a desire for unique or vintage items, and the convenience and affordability of purchasing gently used apparel. The notable difference in growth rates signals a potentially disruptive impact on the overall retail landscape, indicating a shift towards a more circular and sustainable fashion economy.
40% of 25- to 34-year-olds in the US shopped secondhand in 2019.
This statistic indicates that 40% of individuals aged 25 to 34 years old living in the United States engaged in secondhand shopping activities in the year 2019. Secondhand shopping generally refers to purchasing pre-owned items, such as clothing, furniture, or electronics, rather than buying new products. This finding suggests that a significant portion of this age group is actively participating in sustainable consumption practices by opting for secondhand goods. It also reflects a growing trend towards thrifting and reducing environmental impact through reusing and recycling items. Understanding the preferences and behaviors of this demographic can provide valuable insights for businesses looking to tap into the secondhand market and tailor their offerings accordingly.
Recommerce business in the Luxury sector expected to be worth $44 billion globally by 2029.
This statistic signifies the projected growth and significant value of the recommerce market within the luxury sector, forecasted to reach $44 billion on a global scale by the year 2029. Recommerce refers to the resale of used or pre-owned luxury goods, indicating a shift in consumer behavior towards sustainable fashion choices and a circular economy. The considerable projected value reflects the increasing demand for luxury second-hand items, driven by factors such as sustainability concerns, cost savings, and changing attitudes towards ownership. This statistic highlights the emergence of recommerce as a key player in the luxury sector, with strong growth potential and implications for both sustainability practices and market dynamics within the industry.
Fashion industry volume reduction due to RECOMMERCE is up to 20%.
This statistic indicates that the fashion industry has experienced a decrease in volume by as much as 20% as a result of the impact of recommerce. Recommerce refers to the practice of buying and reselling used or pre-owned fashion items, either through online platforms or physical stores. The growing popularity of recommerce can lead to a reduction in the demand for new clothing products, impacting the overall volume of sales within the fashion industry. This trend signifies a shift towards more sustainable consumption practices, as consumers are increasingly valuing the circular economy and buying second-hand items instead of contributing to the production of new goods.
Secondhand apparel worth is expected to double in next 5 years.
This statistic indicates that the market value of secondhand apparel is projected to increase twofold within the next five years. This forecast suggests a significant growth trend in the secondhand apparel industry, indicating a shift towards increased consumer interest in sustainable fashion practices and the circular economy. Factors contributing to this expected growth may include a growing awareness of environmental sustainability, an increase in preference for unique and vintage clothing pieces, as well as the rise of online platforms facilitating the buying and selling of secondhand items. This statistic implies promising opportunities for businesses operating within the secondhand apparel market, along with potential benefits for the environment through reduced waste and resource consumption.
Online sales to make up 33% of secondhand sales by 2021.
This statistic suggests that in the year 2021, online sales are expected to account for approximately one-third (33%) of total secondhand sales. This indicates a growing trend towards online platforms as a popular avenue for selling and purchasing secondhand goods, potentially reflecting changes in consumer behavior and preferences. The projection serves as an important indicator for businesses and policymakers to adapt their strategies to capitalize on the increasing prominence of online sales in the secondhand market and to ensure they are well-positioned to meet the demands of this evolving landscape.
The average consumer now throws away 70 pounds of clothing per year.
The statistic that the average consumer throws away 70 pounds of clothing per year indicates the significant level of clothing waste within society. This figure highlights a concerning trend of excess consumption and disposal of clothing items, contributing to environmental issues such as pollution and resource depletion. The high amount of discarded clothing suggests a culture of disposable fashion and lack of consideration for sustainable practices. Addressing this statistic may involve promoting greater awareness of responsible consumption, encouraging clothing recycling and donation, and fostering a shift towards a more circular economy in the fashion industry to reduce waste and its associated negative impacts.
Luxury resale items are estimated to bring in $1.64 billion in sales in 2021.
The statistic indicates the estimated total sales revenue generated from the resale of luxury items in 2021, projected to reach $1.64 billion. This figure represents the value of second-hand luxury goods being resold within the market and highlights the significant economic activity within the luxury resale industry. These sales could include high-end fashion items, accessories, jewelry, and other luxury goods being offered for resale after their initial purchase. The statistic suggests that there is a growing market for pre-owned luxury goods, driven potentially by factors such as sustainability concerns, increased interest in luxury items, and a desire for unique and high-quality products. It also signifies the potential profitability and demand for luxury resale businesses in today’s consumer landscape.
9 out of 10 retail executives plan to invest in the resale or rental models by 2021.
The statistic indicates that the majority of retail executives, specifically 9 out of 10, have expressed their intention to allocate resources towards implementing resale or rental models by the year 2021. This suggests a significant shift in the retail industry towards embracing alternative business models that emphasize sustainability, cost-effectiveness, and consumer preferences. By focusing on resale or rental strategies, companies can cater to the growing demand for more environmentally friendly and economically viable options, while also staying competitive in the market. The statistic reflects a strategic decision by retail executives to adapt to changing consumer behaviors and market trends in order to drive growth and innovation in their businesses.
Mobile recommerce sales is expected to reach $41 billion by 2022.
The statistic ‘Mobile recommerce sales is expected to reach $41 billion by 2022’ indicates the projected total value of transactions involving the resale of used goods and products through mobile platforms by the year 2022. This statistic reflects the growing trend of consumers buying and selling pre-owned items using their mobile devices, driven by factors such as convenience, sustainability, and the availability of user-friendly recommerce platforms. The projected $41 billion in mobile recommerce sales suggests a significant market opportunity within the recommerce industry and highlights the increasing role of mobile technology in facilitating second-hand transactions.
Conclusion
By examining the latest statistics in the recommerce industry, it is clear that this sector is experiencing significant growth and demonstrating a positive impact on sustainability efforts. As consumers increasingly opt for used or refurbished products, businesses have the opportunity to tap into this trend and capitalize on the opportunities it presents. With a better understanding of the market dynamics and consumer behavior, companies can leverage recommerce to drive innovation and drive towards a more sustainable future.
References
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