Consumer demand for secondhand and returned items is exploding amid inflation coupled with economic uncertainty, a soon-to-be-released study has found. That research notes that the recommerce market grew twice as fast as the wider retail market in 2021, and is expected to reach $289 billion by 2027.
In addition to those findings, the upcoming study by resale specialist FloorFound (Austin, Texas) includes survey results illuminating consumer preferences and sentiment around resale items, including furniture, appliances, mattresses and more. The survey’s conclusions are based on responses from more than 1,000 U.S. consumers.
Key findings include:
- Consumers shop “resale first” for large home items
- Value is top of mind as shoppers grapple with inflation
- Affluent shoppers are leading the way, with sustainability as a strong motivator
- Consumers prefer and choose brands that offer recommerce programs
“Consumer demand for resale is a bright spot for retailers facing economic headwinds,” said Chris Richter, CEO of FloorFound. “Shoppers are looking to purchase resale instead of new, and we’ve seen that shift reflected in the four-times growth in consumer spending on recommerce items from brands leveraging FloorFound in the last year alone. But to stand out and succeed with recommerce, each retailer will need to develop a program that is uniquely suited to their business and clientele.”
To register for early access to the full report and eBook, click here.