US Resale market expected to grow 55% by 2029: Report

A projected 55 per cent growth in the resale market by 2029, reaching an estimated $291.6 billion, revealed an annual report by OfferUp, the largest mobile marketplace in the US for local buyers and sellers. This expansion will see resale account for 8 per cent of the total retail market by 2029, outpacing the overall retail market by 21 per cent.

The Recommerce Report highlights the accelerating momentum of the resale market and the evolving consumer attitudes driving this growth. The growing enthusiasm for secondhand shopping transcends simple acceptance; it showcases the joy, desire, and fulfillment that shoppers experience through this alternative. This expansion is fueled by a broader societal shift, with secondhand shopping now viewed by many as both a fun hobby and a practical financial strategy. This trend underscores the growing importance of sustainable consumer practices and the pivotal role of resale in today’s retail landscape.

Secondhand shopping has transformed from a mere cost-saving measure into an enjoyable and emotionally rewarding activity. According to the report, 53 per cent of shoppers now consider resale a fun and enjoyable hobby, with 58 per cent finding the experience more enjoyable than purchasing new items. This shift reflects the increasing allure of discovering unique, pre-loved treasures, as 55 per cent of shoppers consistently unearth sought-after pieces they couldn’t find or afford new.

The resale market is likely to grow by 55 per cent by 2029, reaching $291.6 bn, with resale accounting for 8 per cent of total retail.
This shift reflects changing attitudes, as 53 per cent view secondhand shopping as a fun hobby and 72 per cent believe the stigma around it has decreased.
Additionally, 74 per cent of shoppers sell items for extra income.

The emotional rewards associated with secondhand shopping are significant, with 66 per cent of respondents reporting feelings of satisfaction, 61 per cent excitement, and 50 per cent joy. Over three-quarters (76 per cent) of shoppers have even received compliments on their secondhand finds, adding to the pride and fulfillment that comes with embracing pre-owned items.

As societal values continue to evolve, the stigma once associated with secondhand shopping has markedly diminished. This year’s report reveals that 72 per cent of shoppers believe the stigma has decreased, with 63 per cent admiring those who prioritise secondhand over new items. Additionally, 53 per cent of respondents now advocate for shopping secondhand first, and 38 per cent view resale as a trendy practice.

The reduction in stigma is largely attributed to changing attitudes towards consumption and waste, as cited by 61 per cent of respondents. This cultural shift is fostering a new appreciation for the environmental and economic benefits of secondhand shopping, as per the report.

Beyond the thrill of finding unique items, resale is fostering deeper connections within local communities. The report found that 63 per cent of shoppers enjoy meeting in person for transactions, with 51 per cent having made new friends or formed meaningful connections through these experiences. For 46 per cent of shoppers, resale offers a way to meet new people and feel more connected to their community, with 20 per cent noting that these interactions help alleviate loneliness.

In the current economic climate, resale has become a crucial financial strategy for many consumers. The 2024 report highlights that 74 per cent of shoppers sell items on online resale platforms to earn extra income, with 60 per cent using their earnings to cover bills or everyday expenses. Reselling has evolved into a side hustle or supplementary income source for 50 per cent of participants, with 1 in 4 using their profits for travel, vacations, education, or self-improvement, and 1 in 3 applying their earnings to debt repayment.

Fibre2Fashion News Desk (RR)