Second hand shopping has become firmly integrated into many people’s way of life. Whether someone’s selling clothes that no longer fit on Vinted or buying a piece of furniture from Facebook Marketplace, countless resale market activity takes place every single day. Reports indicate that clothing, books, films and games are amongst the most popular second hand purchase categories.
Undoubtedly, the rise of innovative second hand shopping platforms have played their part, helping shoppers and sellers go about their exchanges with ease. Before then, it’s fair to say that many felt there was a stigma attached to shopping second hand. Here’s what you need to know about why it’s been all the rage and how it might evolve in the future.
The Second Hand Revolution
So, why are more people leaning towards second hand purchases?
A key reason driving the change in the way we shop involves consideration for the environment. More and more reports are exposing the unglamorous truth behind fast fashion and its supply chains, for example, pushing people away from brands that follow this business model. Not only is there an environmental factor, but also an ethical factor concerning exploitation in the industry. As a result, many people have cut ties with fast fashion entirely.
Another draw is the accessibility factor. People can buy second hand items for a fraction of the price and often, the pieces are still in fantastic condition. You might be lusting after preowned watches by some of the world’s most prestigious brands, or a preloved designer handbag that’s limited edition and no longer available to buy.
The Impact of Technology on the Resale Market Boom
There’s no denying that technology has played a huge part in the resale market’s success. People can benefit from the perks of online shopping thanks to helpful navigation tools, easy selling processes and plenty of choice at their fingertips.
It’s helped to expand the offering of second hand shopping beyond charity shops by bringing it up to speed with modern shopping habits.
The Future of Second Hand Market
There’s clear progress in the technological side of the resale market and on top of this, reports are showing that younger generations, specifically Gen-Z, are engaging in second hand shopping. This is down to a wider awareness of and passion for sustainability. With this in mind, the outlook of second hand shopping looks positive, with plenty of scope to grow and branch out into new areas.
There is also speculation about third-party platforms being favoured over direct resale platforms offered by companies. Harvard Business Review references this and points to companies like IKEA and Apple wanting to maintain control, however in reality, many of their products are being sold on third-party platforms due to ease and accessibility for consumers. As a result, we may see more companies pair up with third-party platforms to take advantage of this.
