Oct. 24, 2022
Consumers Turn To Recommerce
U.S. consumer demand for secondhand and returned items – recommerce – is exploding amid inflation coupled with economic uncertainty, says research from FloorFound, a U.S. recommerce platform for oversized retail products. The research says the recommerce market grew twice as fast as the wider retail market in 2021 and is expected to reach $289 billion by 2027. Resale resonates with consumers at every income level, but affluent shoppers making more than $175,000 a year are leading the charge with 86 per cent having previously bought a resale item – 14 percentage points higher than the survey average. The research also shows that 67 per cent of shoppers are more likely to buy from a brand or retailer that offers resale. This rises to 76 per cent for high income shoppers who overwhelmingly choose retailers with earth-friendly practices like resale.