According to eBay’s 2024 Re-commerce Report, nearly half of consumers polled said buying “pre-loved products is in this year.” The report also revealed optimism and hope for the future — despite dire news headlines, ongoing inflation, the threat of recession and a politically charged environment.
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The survey showed that 49 percent of respondents said they “feel hopeful for the future regardless of what’s going on in the world.”
The report also revealed that 42 percent of those polled said that having more time for passions and hobbies would improve how they feel about life. “While the news can often seem negative, 88 percent of consumers feel happy/optimistic about some area in their life, with the top three being hobbies and interests (53 percent), personal relationships (49 percent), and their identity, sense of purpose [and] values (38 percent),” the report’s authors said.
The report went on to state that “ re-commerce — the buying and selling of pre-loved items — can be a positive path forward, providing inspiration, opportunities and hope.”
The notion of pursuing one’s hobbies and interests via buying pre-loved items has been a key theme in eBay’s marketing. Consumers interested in getting back into playing music, for example, can buy pre-loved instruments on eBay that are more affordable then buying new. Re-commerce also creates greater circularity. But re-commerce is more than just a sustainable practice. EBay’s report frames it as a source of personal inspiration amid a world in turmoil.
“In the midst of sweeping macroeconomic, climate and sociopolitical challenges, we’re taking stock of what matters most,” the report stated. “Many of us are reassessing life choices, reexamining career journeys and reprioritizing what we do with our time. Whether we’re reengaging with old passions, creating communities bound by shared interests or recommitting to living our values, we’re reminded of who we are — and finding inspiration for who we want to be. As we’re reconnecting with our pasts and dreams, we’re reimagining the possibilities ahead.”
This values-driven optimism aligns with the sentiment of many consumers — especially Millennials and Generation Z. Defining one’s purpose while prioritizing “self,” family and friends over work, career and even homeownership have become key behavioral traits for many younger consumers.
There are also financial constraints driving shoppers to buy pre-loved.
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A 2023 Lending Club study found that 73 percent of U.S. households are living paycheck to paycheck. As a result, consumers are more frugal. A survey of U.S. shoppers by Jungle Scout found that price points are the primary factor influencing consumer purchasing decisions today. The research revealed that more than 70 percent of those polled said they are prioritizing price points when making their purchases.
But the biggest impact of re-commerce may be economic and environmental. In eBay’s 2021 impact report, the marketplace site showcased the cumulative environmental and economic impact of selling and buying used or refurbished products on eBay. “In 2020, eBay exceeded its initial circular commerce goal through the consumer-to-consumer sale of pre-owned electronics and apparel, avoiding a total of 3.1 million metric tons of carbon emissions and contributing $3.8 billion in positive economic impact from 2016-2020,” the report’s authors said.
EBay said in the 2021 report that it is now “progressing toward a new goal of creating $20 billion in positive economic impacts, avoiding 7 million metric tons of carbon emissions and avoiding 230,000 metric tons of waste through selling pre-owned and refurbished on eBay by 2025 across five product categories.”
EBay said in 2021 alone, the company created $4 billion in positive economic impact, avoided 1.5 million metric tons of carbon emissions and avoided 47,000 metric tons of waste.
As a result, re-commerce satisfies the personal needs of consumers while also addressing environmental issues. Alicia Silverstone, award-winning actor and sustainability advocate, recently teamed up with eBay as a spokesperson. “It’s important that everything I do reflects my commitment to helping create a more sustainable future,” Silverstone said in the re-commerce report. “Re-commerce is so rewarding because I can find things that bring me joy while doing something to help minimize waste on our beautiful planet.”
Silverstone recently appeared on the WWD Voices podcast to discuss re-commerce.
[To listen to the episode, CLICK HERE. ]
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