As resale continues to expand, it offers a lifeline for consumers navigating economic uncertainty while simultaneously promoting more sustainable consumer habits, according to the latest report from OfferUp.
OfferUp, the largest mobile marketplace for local buyers and sellers in the U.S., has released its 2024 Recommerce Report. In partnership with GlobalData, the sixth annual report projects a 55 percent growth in the resale market by 2029, reaching an estimated $291.6 billion. Resale is expected to account for 8 percent of the total retail market by that year, surpassing overall retail growth by 21 percent. The report emphasizes the rapidly increasing momentum in the resale sector, driven by evolving consumer attitudes and a broader shift toward sustainable shopping habits.
The growing popularity of secondhand shopping goes beyond mere acceptance, reflecting the joy, desire, and fulfillment many shoppers find in this alternative. Resale is no longer just a cost-saving method; it has become a fun and practical financial approach. As secondhand shopping gains prominence, it plays a crucial role in promoting sustainable consumer behavior and shaping today’s retail landscape.
According to the report, 53 percent of shoppers now view resale as an enjoyable hobby, with 58 percent stating they prefer the experience over buying new items. The thrill of discovering unique, pre-loved treasures is a significant factor, with 55 percent of consumers reporting they frequently find items they couldn’t locate or afford new. This trend highlights the growing appeal of resale as a satisfying and rewarding pursuit.
Emotional satisfaction also plays a major role, with 66 percent of respondents feeling a sense of accomplishment from their secondhand purchases. Excitement is another key emotion, with 61 percent of shoppers reporting a thrill in finding great items, while 50 percent experience joy from the process. Additionally, 76 percent of secondhand shoppers have received compliments on their finds, further adding to the pride and enjoyment of purchasing pre-owned goods.
As cultural perceptions shift, the stigma around secondhand shopping has significantly diminished. The report notes that 72 percent of consumers believe the negative associations with buying secondhand have decreased, with 63 percent of respondents expressing admiration for those who prioritize purchasing used items over new. This shift in attitudes toward consumption and waste is further demonstrated by the 53 percent of respondents who advocate for buying secondhand first and the 38 percent who view resale as a trendy practice. A majority — 61 percent — cited changing societal values as a key reason for the reduction in stigma, fostering a greater appreciation for the environmental and financial advantages of secondhand shopping.
Resale is also fostering a sense of community connection. According to the report, 63 percent of shoppers enjoy meeting in person for transactions, and 51 percent have made new friends or formed meaningful relationships through these exchanges. For nearly half (46 percent) of respondents, resale serves as a way to meet new people and feel more connected to their local communities, with 20 percent stating that these interactions help combat feelings of loneliness.
The financial impact of resale has also become increasingly important, particularly in today’s economic climate. The report highlights that 74 percent of consumers sell items on online resale platforms to supplement their income, with 60 percent of these earnings being used to cover everyday expenses and bills. For 50 percent of participants, reselling has evolved into a side hustle or secondary income source, with one in four applying their profits toward travel, education, or personal development, and one in three using their earnings to pay off debt.
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