According to a survey by Euromonitor International, 24 percent of global consumers buy secondhand products to lead a sustainable lifestyle, and 41 percent choose to repair broken items instead of buying new ones.
Jorge Zuniga, Senior Sustainability Insights Consultant at Euromonitor International, stated that consumers now turn to sustainable practices as alternative, cost-effective solutions for rising living costs.
Secondhand shopping is more common among Gen Z and Millennials, with over 40 percent of younger consumers opting for secondhand shopping every few months.
Older generations, on the other hand, are more inclined towards repairing products.
“Younger generations choose to repair items and shop secondhand mainly due to costs. As Gen Z is now the most financially pressured, secondhand is a great way to get stylish and buy even premium garments at reasonable prices.”
‘Meat Avoiders’ and ‘Zero Wasters’ are the leading types of sustainable consumers, each accounting for 36 percent.
Due to economic pressures, consumers are now repairing outdated products and buying secondhand goods to save money.
While the secondhand market is more developed and widely available in Europe and North America, Asia Pacific, the Middle East, and Africa are the regions with the highest consumer engagement.
India, China, and Saudi Arabia are embracing secondhand goods and signalling strong intentions to increase spending in this market.
The Philippines had the highest percentage of ‘Zero Wasters’ in 2023, and 76 percent of the population is concerned or highly concerned about climate change.
