As we head into a new season, you’re likely taking inventory of what clothes, shoes and other accessories you may need for the colder weather. Perhaps a new pair of boots, a warm jacket and gloves.
Secondhand shopping is a great way to reduce your waste and save money.
Largely out of necessity, many consumers are turning to the resale market before the traditional retail market.
According to a 2022 report by OfferUp, recommerce — also known as thrifting, secondhand shopping or resale — grew nearly 15% in 2021, the highest rate of growth in history for the industry. By comparison, recommerce grew twice as fast as the broader retail market.
OfferUp found that 82% of Americans, or 272 million people, buy or sell pre-owned products, including apparel, electronics, furniture, home goods and sporting goods on the resale market.
And it can pay off: For example, thrift store shoppers save nearly $150 a month, or $1,760 a year, on average, by buying secondhand items, according to a separate report by CouponFollow.
That study found that shoppers aren’t only motivated by their wallets. Participants in the report said they were also motivated by other factors, like sustainability and the thrill of the hunt.
Have you ever purchased or listed an item for sale on the resale market?
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Advisor Commentary: September 15, 2022
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