With the great change in consumption concept, second-hand e-commerce in the United States may become popular

Growing consumer interest in sustainability issues is driving growth in the resale sector , especially online apparel resale, a trend that was already underway before the pandemic and has only been exacerbated by store closures and tighter budgets over the past year .

According to Forbes, research firm Cowen predicts that by 2024, the market share of second-hand e-commerce is expected to double to about 14% (about US$60 billion) , up from 7% in 2020.

Forecast data shows that the second-hand e-commerce market has great development opportunities.

The concept of sustainable development is becoming more and more profound

In a previous consumer survey conducted by First Insight, it was found that 62% of Generation Z and Millennials prefer to buy sustainable brands . And now some of these young consumers almost only buy second-hand clothing and shoes because this method allows them to obtain high-quality products that they could not otherwise afford.

A recent Boston Consulting Group survey found that the influence of sustainability on purchasing decisions among consumers of all ages increased from 38% in 2019 to 53% in 2020. The increases were smaller for Generation Z (48% to 52%) and Millennials (46% to 57%), but they were coming from a higher base. A majority of each generation now say they buy items on the secondhand market, according to First Insight.

As the concept of sustainable development continues to deepen, I believe the second-hand e-commerce market will usher in a period of explosive growth.

Second-hand e-commerce booms in the US

U.S. fashion and apparel e-commerce marketplaces like The RealReal, ThredUp and Poshmark are booming due to increasing consumer demand for sustainability .

Poshmark’s valuation topped $7 billion following its successful IPO in mid-January, with Cowen estimating the resale platform’s compound annual growth rate to be more than 34%.

It can be seen that the development momentum of the second-hand e-commerce platform in the United States is booming, which also reflects the increasing interest of American consumers in second-hand goods. Therefore, this is undoubtedly a huge development opportunity for sellers in the second-hand market.

Second-hand e-commerce

USA