A new report from Recurate has highlighted the growing popularity of consumers reselling, thrifting and buying vintage. In the report, titled “Circular Fashion is Now,” the resale platform presented the results of a survey it conducted of 1,000 adults in the United States and Canada, with additional data from 11 markets. additional data from GlobeScan’s 2021 Healthy and Sustainable Living Survey. .
According to the resale platform, 74% of people worldwide are already buying re-commerce, most of which are in Australia, Canada and the United States, with mid-priced brands being the most popular with sellers and buyers. .
Among those reselling clothes, durability was not a primary factor. 23% of respondents said they were selling because the parts weren’t being used, while only 15% said it was because it was good for the environment. Meanwhile, for buyers, the motivation was primarily to save money, with durability taking third place in the list.
In its report, Recurate highlighted an important customer in the re-commerce space that it called “circulars,” defined as the 73% of re-commerce sellers who also purchased resale. The platform described the group as “young, urban, high-income” and marked the motivation behind their behavior by frequently refreshing their wardrobes. He added that 48% of the group bought with the intention of reselling.
What is there to gain?
The main benefit of re-commerce, according to Recurate, is the ability to attract new customers without producing more products. Across all segments surveyed, trying a new brand was a strong motivation for buying re-commerce, with 85% of the “Circular” group also saying they would try a new brand if resale was offered. Additionally, seven out of 10 people who took the survey said they buy or sell pre-liked clothes at least once every two to three months.
A brand-driven re-commerce model also gives buyers flexible buying options, low prices to try a brand, and the ability to buy and sell in one place. Additionally, the report states that 75% of re-commerce participants said they would be more loyal to brands that offered resale options, while 47% said they would return within a month to make new purchases.
How to get involved
Brands considering adopting a re-commerce model need to motivate both sellers and buyers to participate, according to the report, with 62% of respondents saying they believe brands could do more to help them participate in re-commerce. To make re-commerce a virtuous loop, Recurate added, brands need to streamline the process for sellers through simple resale options, take-back programs or digital IDs for products.
For sellers, the biggest tipping point in participation was getting back up to half the original price on resale, while 64% said they wanted to sell items individually rather than in bulk in order to gain greater value per item.
However, while value for money was the most important motivator for many, sustainable living was still an important consideration, with 71% of shoppers saying they cared about their impact on the planet. “Consumer desire to reduce their environmental impact is high across the board,” the report says. “And that desire is increasingly influencing their lifestyle and buying decisions.”