By Ellyn Briggs
November 3, 2022 at 5:00 am ET
No matter how you slice it, the resale economy in the United States is booming.
Reselling platforms and brands are clamoring to capture their stake of the industry’s nearly $180 billion projected market value in 2022, while consumers seek out deals amid ongoing inflationary pressure and express an increasing interest in sustainable shopping.
According to new Morning Consult data, close to two-thirds (62%) of consumers have engaged in some sort of purchase-driven resale shopping behavior (either shopping for or buying) in the past 12 months, while more than one-third of those consumers (37%) expect their purchases of secondhand goods to increase over the next year.
Despite the rise of newer, more digitally savvy platforms, much of that resale activity will still take place on eBay and Facebook.
Many first-party brands have taken note of this youthful affinity for resale — which is driven, in part, by a desire for community — and are getting into the game themselves. Premium brands like Lululemon Inc. and Cuyana Inc. opted to do so via their own platforms, while companies that cater to more cost-conscious consumers, including Target Corp., have formed partnerships alongside existing resellers.
With strong engagement from all relevant parties — consumers, secondhand marketplaces and primary brands — so-called “recommerce” is poised to stay quite popular in the near future. There is clearly room for several existing players to continue to thrive and for the swarm of well-funded upstarts to cut into the legacy players’ dominance.
But, for now, eBay and Facebook still control the market. There are some signs that younger-skewing brands like Poshmark Inc. are making dents in the established order, though even among Gen Z shoppers, eBay and Facebook remain considerably more popular.
The Oct. 25-26, 2022, survey was conducted among a representative sample of 2,210 U.S. adults, with an unweighted margin of error of plus or minus 2 percentage points.
Ellyn Briggs is a data reporter at Morning Consult covering brands and marketing. @ellynbriggs