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Ebay, the OG of online reselling, has released its fourth annual Resale Report, highlighting what many of us already know anecdotally: the sale of second-hand products is unfolding across all categories and channels, especially as the economy continues to push consumers to seek wonderful prices.
In fact, saving money is consumers’ most sensible explanation for buying “second-hand” goods, with 62% rating it as their most sensible factor, followed by:
For this year’s Recommerce Report, Ebay expanded its vision to look beyond its own platform and quantify the broader customer sentiment and habit when it comes to reselling. The report includes data from 28,000 customers, sellers, and buyers on eBay worldwide.
The effects reiterate a trend that has been brewing for several years: a convergence between the habit of seeking value and conscious consumerism. A large majority, 70%, of consumers surveyed said they plan to buy secondhand or used products this year, and 60% of shoppers on eBay said buying secondhand parts “has become more for me. “In addition, 43% of respondents agreed that “buying second-hand parts makes me feel like a better person. “
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Younger generations in particular are driving this shift: 24% of millennials say they buy second-hand parts at least once a month and 21% of Gen Z say they buy second-hand parts every month. However, only around 3 in five (59%) global consumers across all age groups have purchased second-hand products in the past year. So, it’s not just a generational fad.
The main resale categories globally include:
Perhaps most appealing is the finding that “consumers view buying second-hand goods as a lifestyle choice that allows them to have more experiences, pursue their passions, and invest in what matters. “Nearly two-thirds of consumers surveyed agree with the statement, “I’m reevaluating what’s vital in my life,” and the report also highlights a notable shift toward what it calls “YOLO spending”: prioritizing meaningful experiences and connections like a circle of family and friends. . In fact, 50% of Gen Z buyers on Ebay said they buy second-hand pieces so they can splurge on other things.
“In the midst of enormous macroeconomic, climate and socio-political challenges, we take stock of the most important issues,” reads the end of the report. “Many of us are reevaluating our life choices, re-examining our career paths, and reprioritizing what we do with our time. Whether we’re reconnecting with old passions, creating communities united by not unusual interests, or reaffirming our commitment to living our values, we know who we are and find inspiration for who we need to be. By reconnecting with our Afterlife and dreams, we reimagine the odds that await us. Retrading can be a positive path, a source of inspiration, opportunity, and hope.
To celebrate and publicize the report’s release, Ebay held a retrade day on May 21, something it hopes will be an annual occasion independent of the platform.
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