High inflation triggers a wave of second-hand consumption! Where do Americans spend their money?

It is learned that according to the "2022 U.S. Second-hand E-commerce Report" released by the second-hand trading platform OfferUp, as consumers' demand for second-hand goods continues to increase, the revenue of second-hand e-commerce in the United States increased by nearly 15% in 2021.

In the past year, American consumers have been most concerned about "saving money" when shopping online. According to a survey from OfferUp, more than 50% of Americans said that cheap prices are their primary motivation for online shopping, and another 21% said it is to reduce carbon footprint.

The U.S. second-hand e-commerce market will accelerate growth

The report shows that amid growing concerns about inflation and recession, the second-hand e-commerce market in the United States will accelerate its growth. It is estimated that in 2022, American consumers' spending on second-hand goods will reach 178 billion U.S. dollars; by 2027, it is expected to reach 289 billion U.S. dollars.

Given the current economic conditions, many Americans plan to increase their spending on used goods in the coming year. Specifically, 58% of Americans plan to increase their purchases of used goods in the next 12 months.

In order to save on living costs, many Americans also intend to increase their income by selling second-hand goods. 40% of Americans, especially Generation Z and Millennials, said that selling second-hand items has become their main or secondary source of income.

Americans spend as much time on second-hand trading platforms as on social platforms

Currently, the average American spends 27 minutes a day on the second-hand market, just slightly less than the 30 minutes spent on social media platforms such as Instagram, Facebook and Snapchat.

Americans are turning to the secondhand market to buy both essential and non-essential items, with 63% of consumers saying they are now spending money primarily on electronics, furniture, home furnishings, home improvement, sporting goods, outdoor gear and auto parts, rather than apparel.

The report also shows that due to the wide variety of goods on the second-hand market, many consumers do not go directly to second-hand platforms to shop. This is reflected in the fact that 63% of Americans always or often turn to second-hand platforms to look for goods before buying new items.

Editor ✎ Nicole/

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