Press Release Description
The US Recommerce Market to grow at a CAGR of 14.5% through 2030
The US Recommerce Market is projected to grow at a CAGR of around 14.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The growth of the recommerce industry in the US reflects changing consumer values and a desire for sustainable consumption of luxury and non-luxury products, coupled with economic considerations. As environmental consciousness continues to rise and digitalization reshapes consumer behavior, recommerce is poised for sustained growth in the US. This market offers a win-win solution, allowing consumers to access quality products at affordable prices while contributing to a more sustainable and responsible future. With the recommerce industry continually evolving, it remains an exciting space to watch for both buyers and sellers in the country.
The presence of major industry players such as The RealReal, ThredUP, Poshmark, etc., along with the strategic development activities carried out by them, will play a major role in the growth of the recommerce industry in the country. Development activities such as mergers & acquisitions and the expansion of product lines have been primarily carried out by industry players to capture a substantial market share in the US Recommerce Market. For instance,
- In 2020, The RealReal acquired JamesEdition, a luxury online marketplace for high-end assets such as yachts, watches, and cars. This acquisition expanded the company’s luxury resale portfolio.
The problem of counterfeit products and authenticity issues with used goods is one of the biggest obstacles facing the US Recommerce Industry. The issue of counterfeit goods has become widespread in today's retail environment. Recommerce sites that sell pre-owned goods are especially susceptible to the spread of fake goods, which hurts both the market's expansion and the reputation of the brand. When it comes to handling the issue of counterfeit goods, recommerce businesses confront several significant obstacles, including the erosion of trust, complexity in verification, consumer complaints, legal ramifications, etc., further states the research report, “Global US Recommerce Market Analysis, 2024.”
The Resale Marketplace Segment Holds Significant Market Share
The size of resale marketplaces in the US Recommerce Industry is expected to grow at a fast pace during the projected period. The resale marketplace is expected to thrive owing to sustainability & budget-conscious shopping factors. The industry's ability to adapt to evolving consumer trends, harness technology, and foster community engagement sets the background for the resale revolution, which includes sustainability, affordability, and style in one eco-conscious package. In the era of conscious consumerism, resale marketplaces are not just changing the way consumers shop, they are also shaping the future of the retail industry, thus driving the country’s recommerce industry.
Luxury Product Category Leading the US Recommerce Market
One of the primary drivers for the growth of luxury products is the increasing emphasis on sustainability in the country. Consumers, particularly younger generations like Millennials and Gen Z, are becoming more eco-conscious than ever before. They are actively seeking ways to reduce their carbon footprint and minimize waste associated with the sale and buying of new products. Buying pre-owned luxury items aligns with these sustainability goals by extending the lifecycle of products and reducing the need for new production, thus augmenting sales of this segment in the recommerce industry.
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including RealReal, ThredUP, Poshmark, Gazelle, Tradesy, Decluttr, Swap, Glyde, BuyBackWorld, Threadflip, and others, are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Value-Based Size, Forecasted numbers, Segmentation, Share)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry in the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across the country?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
- 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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