In 2023, sales of secondhand goods in Asia Pacific were estimated to be valued at US$ 71,025.1 million, with a year-on-year growth of 8.9%. By 2024, demand for secondhand goods is expected to reach US$ 77,914.5 million. By 2034, Asia Pacific secondhand goods sales are projected to exhibit a 9.7% CAGR, reaching a value of US$ 1,96,645.8 million.
The secondhand goods industry is gaining popularity throughout Asia Pacific, driven by the appeal of finding affordable, high-quality items and an increasing awareness of sustainability and environmental issues among consumers. The rise of digital platforms and e-commerce has revolutionized the region’s secondhand goods sector, providing convenient channels for buying and selling used products and expanding customers’ reach and accessibility.
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Key Trends in the Secondhand Goods Industry in Asia Pacific
- The emergence of conscious consumerism in Asia Pacific has significantly influenced consumer behaviors and preferences.
- This shift reflects a growing awareness and concern for sustainability, ethical consumption, and reducing environmental impact.
- As consumers become more mindful of their purchasing choices, the secondhand goods industry has experienced a substantial surge in demand and popularity across various sectors.
- The trend toward conscious consumerism has compelled firms to adapt and incorporate sustainable practices into their operations.
- Many retailers and brands in Asia Pacific are now integrating secondhand or refurbished products into their offerings.
- They are embracing circular economy models and emphasizing transparency in their supply chains to meet the growing demand for sustainable options.
Factors Restraining Growth of the Secondhand Goods Industry in Asia Pacific
- The lack of warranties or guarantees on used items can be a turnoff for risk-averse consumers.
- The secondhand goods industry sometimes lacks standardized product information and quality control systems.
- The expense and difficulty of delivery can be a deterrent for online platforms.
Key Players Are:
- Carousell
- OLX
- Tokopedia
- Reebelo
- Sangeetha Mobiles
- Cashify
- Hamleys
- BookMooch
- Qoo10
- My Toys
- Nykaa
- Flipkart
- PetSmart
- Pet Lovers Centre
- Anchanto
- Rakuten
- SaSa
- Kakaku.com
- Toy “R” Us
- Yahoo! Auctions Japan
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Asia Pacific Secondhand Goods Industry Outlook by Category
By Product Type:
- Apparel/Fashion
- Women’s
- Men’s
- Baby/Kids
- House, Garden, Do-It-Yourself
- Consumer Electronics
- Media and Entertainment
- Consumer Appliances
- Beauty and Health
- Toys
- Leisure, Sports, and Fitness
- Pet Supplies
By Sales Channel:
- Thrift Stores/Resale Stores
- Online Market Places
- Consignment Shops
- Other Channels
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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