Press Release Description
Global Re-Commerce Market to Showcase Robust Growth Rate of 19.22% through 2023-28
The Global Re-Commerce Market is projected to grow at a CAGR of 19.22% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. During the historical period, the Re-Commerce market underwent substantial expansion, propelled by the growing recognition and prioritization of sustainability concerns among consumers, notably within the Generation Z and Millennial cohorts. In a survey conducted by the Baker Retailing Center at the Wharton School of the University of Pennsylvania in 2021, a spellbinding finding emerged, which stated that 55% of respondents belonging to Generation Z expressed a distinct inclination toward favoring products sourced from sustainable brands. This resolute commitment to environmental causes decisively propelled Re-Commerce to the favored avenue for eco-conscious and sustainable shopping.
Additionally, between 2018 and 2022, economic challenges including recessions, financial crises, and job uncertainties arose due to various factors like the COVID-19 pandemic and, the Ukraine conflict, which led to tighter financial circumstances. Owing to this, individuals and households became more financially cautious and focused on saving money, which resulted in a significant increase in budget-conscious shoppers. This shift in consumer behavior has significantly contributed to the growth of Global Re-Commerce Market.
Moreover, the global economic growth outlook is expected to weaken due to high inflation, aggressive monetary policies, and heightened uncertainties. In 2022, economic growth notably slowed in the United States, the European Union, and other developed economies, with developing countries also facing slow job recovery and significant employment challenges. As consumers purchasing power diminishes, they would substantially turn toward cost-effective shopping alternatives. This change in consumer behavior is set to play a substantial role in expanding the Re-Commerce Market, further states the research report, “Global Re-Commerce Market Analysis, 2023.”
Fashion & Apparel Products to Showcase Robust Demand
Based on the product segment, the market is further bifurcated into, Electronics, Fashion & Apparel, Furniture and Home Goods, Automotive, Sports and Fitness Equipment, Others (Toys, Collectibles, Books, etc.). The historical period has witnessed a substantial sale of fashion and apparel products, as sustainability took center stage in the fashion industry, which prompted consumers to embrace second-hand fashion as a responsible choice aligned with environmental goals. Additionally, the affordability of second-hand textiles and apparel, including luxury brands, has been a significant driver. This affordability allows individuals to acquire premium and designer clothing at a fraction of the original cost.
Moreover, to meet the increasing demand for second-hand luxury clothing and apparel, brands like Levi’s, Madewell, lululemon, and Timberland, among others, have ventured into the resale market. Furthermore, as Millennials and Gen Z consumers increasingly prioritize sustainable shopping practices, the demand for second-hand clothing is expected to grow, thereby promoting market size expansion.
Europe to Showcase Substantial Growth Rate During the Forecast Period
The Re-Commerce market has witnessed significant expansion in Europe, due to a substantial consumer base that prioritizes eco-friendly consumption practices and displays concern about the environmental impact of their purchases. Moreover, Europe's commitment to circular economy initiatives and the promotion of a more sustainable product lifecycle have further accelerated the adoption and growth of Re-Commerce practices.
Moreover, several European countries, such as Finland, Denmark, Ireland, and Germany, are actively modernizing their legal frameworks to advance the cause of a circular economy. These legislations would place an increased emphasis on transparency in the second-hand product market while fostering trust in refurbished goods. These legal measures would instill confidence among consumers, boost trust in the Re-Commerce sector, and contribute to the growth of Europe's share in the Global Re-Commerce Market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including ThredUp, ReFlaunt, Archive, Rush Re-Commerce, Rebag, Poshmark, Ebay Inc., Craglist, Rebelle, LePrix, Back Market, OLX, Muscicmagpie, Amazon, Apple Inc., Swap, Offerup, Depop, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & solution adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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