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Over 7 in 10 consumers opt for secondhand items to save money

Retailers are urged to prioritise quality and innovate to attract consumers.

About 72.6% of consumers are motivated by cost savings when opting for secondhand items, highlighting a growing trend of people turning to used goods to save money, as per a survey by GlobalData.

According to GlobalData’s Global Shopping Trends: Secondhand report, high inflation has fueled this growth, intensifying competition and prompting traditional retailers to launch their own resale platforms.

However, approximately 37.9% of consumers distrust the quality of secondhand products. 

“To perform well in this market, retailers need to address quality concerns through providing authentication services for high-value goods, displaying clear photos of products alongside detailed information or encouraging sellers to do so, and having a robust returns policy that is clearly communicated to consumers,” said Sophie Mitchell, retail analyst at GlobalData.

ALSO READ: Companies embrace consumer-centric strategies for future growth

She also noted that Gen Z is the key demographic, with the highest intention to buy more secondhand items in the next three months. “This is due to both growing up in a time where concern for the environment is high and needing to save money on items such as furniture, with inflation having impacted real wage growth, mortgage rates, and rent.”

To keep the market growing, Mitchell recommended strategies such as pop-up events, celebrity collaborations, and partnerships.

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