5 reasons why wealthy consumers are embracing the furniture resale market
FurnitureToday, November 14, 2022 — When it comes to buying secondhand furnishings, it’s not just Gen Zers looking to outfit their first apartment. In fact, a recent survey from re-commerce platform FloorFound reveals that 95% of affluent shoppers — those making more than $175,000 a year — shop resale first for furniture.
Among the more than 1,000 adult consumers surveyed in October, 89% of all respondents look for lightly used or resale options, including consigned, thrift, trade-in, refurbished and returned items, before purchasing new furniture. But wealthy shoppers lead the pack when it comes to shopping this channel.
5 other key facts about high-income consumers and the resale marketplace:
- Half of affluent shoppers say they would buy resale to find unique items not widely available elsewhere.
- For 42% of well-off respondents, shopping secondhand enables them to afford items they couldn’t otherwise.
- Seven in 10 high-income shoppers cite value as a potential reason for buying through a recommerce option.
- More than one-third (36%) shop this channel to avoid shipping delays and wait times.
- More affluent shoppers (44%) list sustainability as a motivation for buying resale.
The study also found 36% of all respondents are turning to online furniture stores to make their purchases. This channel was topped only by thrift and vintage stores (57%) and Facebook Marketplace (48%). Thrift and consignment stores were cited as the leading destination for living room, dining room and home office furniture, while the branded online marketplace was tops for mattresses.
Buying direct from the retailer was used by 34% of those surveyed; however, 64% said they would buy resale furniture and oversized items directly from brands to support sustainable furniture commerce.
When asked when they next planned to buy resale furniture, 17% said within six months, while another 27% would be doing so in six to 12 months. Among the furniture items most often purchased via resale were living room furniture (49%); bedroom furniture (39%); dining room (37%); home office (37%); and mattresses (19%).