OfferUp's 2024 Recommerce Report: 58% of Shoppers Prefer Secondhand Over New As Resale Stigma Continues to Fade

Read the full report at www.RecommerceReport.com

• Over the past year, 35% of shoppers tried resale for the first time, marking an 8% increase in new participants compared to the previous year.
• 72% of shoppers believe the stigma around secondhand shopping has decreased, with 63% admiring those who prioritize secondhand items over new ones.
• 53% of shoppers consider secondhand shopping a fun and enjoyable hobby, and 58% find shopping secondhand more enjoyable than buying new.
• The recommerce market is projected to experience a 55% growth by 2029, reaching a valuation of $291.6 billion, with resale transactions expected to account for 8% of the total retail market by that time.

SEATTLE, Sept. 17, 2024 /PRNewswire/ -- Today, OfferUp, the largest mobile marketplace in the U.S. for local buyers and sellers, released its 2024 Recommerce Report, available now at www.RecommerceReport.com. The sixth annual report, published in partnership with data analytics firm GlobalData, reveals a projected 55% growth in the resale market by 2029, reaching an estimated $291.6 billion. This expansion will see resale account for 8% of the total retail market by 2029, outpacing the overall retail market by 21%. 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.

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

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

Changing Perceptions: Continued Decline of Stigma
As societal values continue to evolve, the stigma once associated with secondhand shopping has markedly diminished. This year's report reveals that 72% of shoppers believe the stigma has decreased, with 63% admiring those who prioritize secondhand over new items. Additionally, 53% of respondents now advocate for shopping secondhand first, and 38% view resale as a trendy practice.

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

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

Resale's Financial Impact: A Lifeline in Uncertain Times
In the current economic climate, resale has become a crucial financial strategy for many consumers. The 2024 report highlights that 74% of shoppers sell items on online resale platforms to earn extra income, with 60% using their earnings to cover bills or everyday expenses. Reselling has evolved into a side hustle or supplementary income source for 50% 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.

View the complete 2024 OfferUp Recommerce Report here. For the full press kit, including hi-res images, click here. 

Browse our online marketplace at https://offerup.com/ and for more information on OfferUp, please visit our company page here.

Methodology
The OfferUp Recommerce Report includes research and data from retail analytics firm GlobalData. GlobalData uses consumer surveys, retailer tracking, official data, data sharing, store observation, and secondary sources to analyze, model, and calculate metrics, including market and channel size, and market share. Online market research provider Pollfish conducted a July 2024 survey of 1,500 U.S. adults, asking specific questions about their recommerce buying and selling behaviors.

About OfferUp
OfferUp is dedicated to building the simplest and most trustworthy way for people to buy and sell in their communities. As the largest mobile marketplace for local buyers and sellers in the U.S., the company's iOS and Android apps have been in the top five most popular shopping apps lists for more than three years. The privately held company is based in Bellevue, WA and backed by top investors including Andreessen Horowitz, Warburg Pincus, GGV Capital, T Rowe Price, and Coatue Management. For more information, visit our website and follow us on Twitter and Facebook.

SOURCE OfferUp