The US Recommerce Market is witnessing a substantial inclination of consumers towards it globally, especially in the US. This huge influx of consumers towards the market is primarily attributed to the advantages it offers, such as sustainability, affordability, diverse styles, etc. Following this, MarkNtel Advisors recently published a research report, where it stated that the US Recommerce Market is anticipated to grow at a CAGR of around 14.5% during the forecast period of 2024-30.
The US Recommerce Industry has expanded exponentially over the years, offering all sorts of products from fashion to electronics to home decor, etc. The escalating recommerce sector in the US is majorly attributed to the dynamic consumer values and preferences regarding the usage of luxury & non-luxury products sustainably along with price point of view. Moreover, with the rising consciousness & awareness towards the environment along with the penetration of technology and easy access to the internet, the US Recommerce Market is further predicted to experience exponential market growth.
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Additionally, the report further states that access to high-end products at a fraction of the price makes the US Recommerce Market highly enticing and preferable among consumers. Further, with the rising population of millennials and GenZs in the United States who are increasingly focusing on the well-being of the environment and conscious utilization of money, the recommerce market tops the preference list.
Top Companies Holding a Substantial Share in the US Recommerce Market
The US Recommerce Market is flooded with several companies offering topnotch recommerce activities such as RealReal, ThredUP, Poshmark, Gazelle, Tradesy, Decluttr, Swap, Glyde, BuyBackWorld, Threadflip, and others. These companies are dominating the national market and are working to strengthen their market position.
Reviewing the US Recommerce Market Segmentation
- By Type (Peer-to-Peer Marketplaces, Resale Marketplaces, and Refurbished Goods Marketplaces)
- By Product (Electronics, Fashion & Apparel, Furniture and Home Goods, Automotive, Sports and Fitness Equipment, and Others)
- By Product Category (Non-Luxury and Luxury)
- By Age Group (Up to 18 Years, 19-25 Years, 26-40 Years, 41-55 Years, and Above 56 Years)
- By Region (North, South, East, and Mid-West)
A generous market share is held by the Resale Marketplace Fragment over the past few years and is expected to flourish during 2024-30. This is owing to the increasing trends of sustainability & the inclination towards cost-efficient shopping. The constant evolvement & adaptability of the industry as per the consumer’s needs, preferences, and choices along with integrating technology further enhance the market. Moreover, resale marketplaces also offer sustainability, styles, choices, and cost-efficiency all at once, leading to its growth, in turn, aiding the growth of the US Recommerce Market.
The US Recommerce Market is led by the Luxury Product Segment due to the increasing inclination of the population towards sustainability. The rising population of youths, emphasizing upon the reduction of the carbon footprints & focusing on environmental sustainability is contributing in enhancing the US Recommerce Market share.
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