Looking for a deep dive into the state of the resale market? Look no further. The 2023 Mercari Reuse Reportis hot off the press, and it’s packed with info on the state of the growing industry. The report, conducted in partnership with third-party retail analytics firm, Global Data, takes a closer look at the rising popularity of thrifting and what to expect over the next 12 months.
A sneak peek at some key insights:
The secondhand side hustle is strong, but there’s more money to be made. Making money is a major motivator in selling secondhand, followed closely by decluttering, as American households are currently sitting on an estimated 21.1 billion unused items – that’s worth a whopping $559.8 billion! That’s an average of 161 resellable items per household valued at $4,267.
1 in 3 Gen Z consumers plan to buy more secondhand items over the next year. They’re spending more time on online resale platforms like Mercari, and embracing lower-cost versions of items that go viral on social (Stanley tumblers and Lululemon gym fits, anyone?).
Consumers are opting for sustainable shopping. Younger demographics are more focused on selling to reduce their environmental impact than older generations. And the same sentiment applies to how they spend money: Nearly one-third (31%) of Gen Z and millennial consumers plan to spend more money on sustainable brands in the next 12 months.
The desire to shop online remains strong. Online is the fastest-growing channel for secondhand shopping and is forecast to account for more than half (56%) of spend by 2031. While fewer shoppers may be flocking to shopping malls, they’re still looking to score discounts on mall favorites like Victoria’s Secret PINK, Coach, Adidas and more.