Findings
The rise of re-commerce is being driven predominantly by Gen Z and Millennials, who are motivated by the desire for affordability, quality, and unique finds. This shift is further fueled by the cost-of-living crisis, leading more Britons to seek out bargains through secondhand shopping. London is a particular hotspot for this trend, with a higher percentage of its residents embracing re-commerce compared to the rest of the UK.
Key Takeaway
Re-commerce, or the buying and selling of pre-owned goods, is becoming a significant and enduring trend, particularly among younger generations, as they seek cost-effective and high-quality alternatives to new products.
Trend
The main trend is the increasing popularity of re-commerce, driven by economic pressures and a growing awareness of the value in purchasing high-quality, secondhand items.
Consumer Motivation
Consumers are primarily motivated by the need to save money (70%) and the desire to obtain higher quality goods at lower prices (37%). Environmental concerns also play a role, albeit secondary, with 27% of Britons considering them when buying secondhand.
What is Driving the Trend
The trend is driven by the cost-of-living crisis, which has made affordability a top priority for many consumers. Additionally, the shift in consumer priorities towards sustainability and the appeal of finding unique items at lower costs are significant factors.
Who are the People Referred to in the Article
The article refers to British consumers, particularly Gen Z and Millennials, who are leading the shift towards re-commerce. It also mentions Boomers, who are less likely to participate in this trend.
Description of Consumers, Product, or Service
Gen Z and Millennials: These younger consumers are highly engaged in re-commerce, often purchasing secondhand goods monthly.
Boomers: Less likely to buy secondhand, with 27% stating they never do.
Londoners: Residents of London are more inclined to participate in re-commerce, driven by the city's high cost of living.
Age
Gen Z: Typically aged 18-26
Millennials: Typically aged 27-42
Boomers: Typically aged 59-77
Conclusions
Re-commerce is transforming consumer behavior, especially among younger generations, who prioritize affordability, quality, and sustainability. This shift is likely to continue as economic pressures persist and consumer preferences evolve.
Implications for Brands
Brands need to adapt by offering or integrating secondhand options into their business models. Emphasizing quality and sustainability will appeal to the growing number of consumers interested in re-commerce.
Implication for Society
The rise of re-commerce reflects broader societal shifts towards sustainability and conscious consumption, driven by economic challenges and environmental awareness.
Big Trend Implied
The big trend implied is the normalization and mainstreaming of re-commerce, which is reshaping the retail landscape by making secondhand shopping a common and desirable option for a broad range of consumers, particularly the younger demographics.
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