Consumer Opinion Report Summary - The Recommerce Opportunity for Oversized Products
Recommerce is a way to power the reuse of goods. Lately, there’s a lot happening in this area of the “circular economy” that’s benefiting both brands and consumers.
Brands are seeing this fast-growing market as a strategic opportunity to meet multiple, business-critical goals. While consumers benefit from recommerce by buying quality products from stellar brands at lower prices than what they’d pay if they purchased those items new.
Apparel is already finding tremendous success with the recommerce model. The resale sector of this industry is expected to grow 11x faster than the broader retail clothing sector by 2025 — reaching $77 billion. Furthermore, 33 million people purchased secondhand apparel for the first time in 2020, and more than three-quarters of them (76%) are planning to increase their spend on resale in the next five years.
Our key findings from the survey include the following:
- 92% of consumers have purchased a resale item online in the past, including furniture and fitness equipment
- 95% of consumers would be open to buying resale items from brands directly at a discount
- 88% of consumers are interested in working with a brand that provides a trade-in program
