Mercari's latest release: "2023 US Secondhand Market Report"

It is learned that recently, Mercari and GlobalData jointly released the "2023 US Second-hand Market Report", which revealed the current status of the second-hand market in the US retail market, as well as Americans' behavioral trends and category preferences in second-hand shopping, and analyzed the future prospects of second-hand shopping in the United States.

Consumer statistics are based on a February 2023 survey of 2,500 U.S. respondents ages 18 and older, a nationally representative sample drawn based on gender, age, income class and region.

According to the report, secondhand shopping has become one of the fastest growing shopping channels in the United States. In 2022, American consumers spent $174.1 billion on secondhand goods, an increase of nearly 8.6% year-on-year. From 2022 to 2031, the forecast growth rate of the resale market is 87%, which is 2.4 times the forecast growth rate of the retail industry (excluding the secondhand goods market). By 2031, this market is expected to reach $325 billion.

According to the report, 81.7% of Americans have purchased at least one second-hand item in the past 12 months, equivalent to 212.1 million people, a significant increase year-on-year. Among them, 89.3% of millennials have purchased at least one second-hand item in the past 12 months, the highest proportion among all age groups.

As for the reasons for purchase, the survey showed that 72% of respondents bought second-hand goods to save money, while 34.3% of respondents bought second-hand goods to find collectibles.

According to the report, online shopping is the fastest growing channel for second-hand goods sales. In 2022, online second-hand goods sales increased by 15.1%, while offline channels only increased by 4.1%.

Currently, online sales account for 43% of the second-hand market, and this channel is expected to grow by 141% to a market share of 55.6% by 2031. Offline sales currently account for 57% of the market, and by 2031, they are expected to grow by 45.6% to a market share of 44.4%.

In terms of categories, clothing is still the category with the highest second-hand transaction volume, with sales of US$38.5 billion in 2022, followed by electronic products with sales of US$34.3 billion; home products ranked third.

Looking at the fastest growing categories, children's clothing is the fastest growing second-hand sales category in 2022, with sales increasing by 19% year-on-year, and second-hand children's clothing sales are expected to increase by 146% in the next decade. Men's clothing is the second fastest growing category, with a growth rate of 14.55%, mainly due to the increased acceptance of second-hand goods.

By 2031, footwear is forecast to be the fastest growing second-hand sales category, led by sports shoes, followed by menswear, which is expected to grow 152%, and then baby and childrenswear, as well as communications equipment and beauty products.

The report pointed out that there are about 21.1 billion idle items in American households, with an average of 161 idle items per household, with a total value of US$560 billion. Books account for the largest proportion of idle items, followed by shoes and women's clothing. It is speculated that the most idle categories are expected to become one of the fastest growing categories in second-hand transactions.

The survey shows that in the next 12 months, nearly 90% of American consumers said they might buy second-hand goods, and 56.3% would buy through online channels, which is more obvious among millennials and Generation Z. 48% of millennials consider buying more second-hand goods online, and 31% of Generation Z plan to increase spending on sustainable brands.

Editor✎ Ashley/

Disclaimer: This article is copyrighted and may not be reproduced without permission.