This week, we released our 2023 Recommerce Report. For our fifth annual report, we surveyed 1,500 U.S. adults to learn more about shoppers’ recommerce behaviors, finding that 85% of shoppers now buy and/or sell secondhand goods — an increase of 3% from 2022. Furthermore, 27% of respondents ventured into the secondhand market for the first time within the last year. Given this continued growth, the recommerce market is projected to reach $276B by 2028, surpassing traditional retail.
Our survey dove deeper into the industry’s growth, notably finding a shift in societal attitudes towards recommerce. For example, 76% of respondents noted a decrease in stigma associated with secondhand shopping, primarily attributing this to more affordable options (57%), changing attitudes towards waste (55%), and the increasing availability and variety of secondhand items (54%). While 41% of shoppers said they even view buying secondhand as a status symbol.
Other notable findings from our 2023 Recommerce Report reveal:
77% of recommerce happens in categories outside of apparel, such as electronics, furniture, home goods, home improvement, sporting goods, outdoor equipment, and auto parts.
69% of shoppers have used money earned from reselling items to pay for bills or everyday living expenses, and 39% say reselling has helped them make ends meet.
By 2028, recommerce is projected to account for 8% of the total retail market, reflecting a 2% increase compared to 2023.
The top three reasons consumers shop secondhand are to secure a good deal (78%), avoid higher prices due to inflation (58%), and maintain their desired lifestyle within budgetary constraints (34%).
47% of shoppers anticipate increasing their frequency of buying and/or selling secondhand items if the economy enters a recession.
75% of respondents find shopping on resale platforms just as or more convenient than traditional online shopping, while 47% find it more convenient than shopping through social media platforms.
If you’re looking to shop for or sell items, save money, and live more sustainably, head to OfferUp.com.
To read the full 2023 report, visit the OfferUp Recommerce Report website here.