Resale market spending surges 17%, U.S. home products continue to be hot

New research from OfferUp shows that half of U.S. consumers purchased resale home goods during the COVID-19 pandemic , with spending on home decor and furniture resale items up 17% over the year .

The resale market is expected to reach $23.6 billion by 2025, with e-commerce being the fastest-growing shopping channel for home-related items. The report also shows that about two-thirds of U.S. consumers use resold home goods and furniture to decorate their homes.

OfferUp is an online resale platform in the United States . It currently has more than 56 million users. Sellers mainly resell various commodities such as clothing, jewelry, electronics and cars through the platform.

The company said the resale market is the fastest growing retail channel for home products and has become a top destination for items such as desks , fitness equipment and electronics . The study found that 35% of consumers used resale apps to purchase home products in 2020. OfferUp helped consumers save an average of $400 compared to traditional retail costs .

In fact, the resale market is a barometer of consumer demand. In 2020, one in five adults in the United States shopped on OfferUp. With people working, going to school, and exercising from home, consumer demand for second-hand products is growing exponentially. Plus, resale is often cheaper and better for the environment than traditional retail.

Data shows that 48% of American consumers purchased items through resale platforms last year . Although the resale market is growing overall, interest in previously popular categories of goods has declined. The report pointed out that 2020 was the worst year ever for the clothing resale market, with spending falling by 13% due to a decline in interest in workwear and fashion.

In addition, due to the COVID-19 pandemic, more than 31% of people in the United States moved from cities to suburbs . Another 40% of respondents said that they chose to expand their homes in order to seek more space, causing many people to have to buy new furniture. This is also the main reason for the continued growth of the second-hand market. It is expected that in the next five years, including the offline resale market, the scale will reach 1.36 trillion US dollars.

Resale Market

Home Products

USA