The idea of 'pre-loved' fashion, or any other product for that matter, isn't exactly a new concept. However, the trend is certainly taking further flight with the 'pre-loved' slogan and is expected to dominate Black Friday 2023 according to Internet Retailing.
Being the curious eCommerce pandas we are, it was a topic we just had to explore in more depth. We all know Black Friday has now become a legendary presence in the eCommerce calendar - but why would 'pre-loved' items be leading the way?
Pre-loved eCommerce and Black Friday
According to Internet Retailing, eBay is leading the way for championing pre-loved products for the imminent Black Friday event. Following research, the marketplace discovered that 50% of UK shoppers are hesitant to secure a deal due to the cost of living crisis.
So, because money saving is a big motivator for those who will be exploring Black Friday deals, eBay expects they will be considering a pre-loved purchase. In particular, the Black Friday event is expected to be most popular amongst Gen-Zs (16-26-year-olds) where 68% predict they will make discounted purchases with almost two-thirds (62%) of them looking to pre-loved products.
Does this mean Black Friday will come to change in the following years? Not only are the economic savings important, but many consumers are now conscious of environmentally friendly approaches. Recycling products, such as fashion or electricals, that would otherwise be discarded is certainly on the rise.
The leading products and industries
If you're looking for a bargain, what type of product is top of your list? With Vinted, Depop and Hewi (Hardly Ever Worn It) among the many pre-loved marketplaces, there is so much to choose from.
Fashion, of course, is a huge market for pre-loved sales. Customers can find unique pieces that they would likely not find anywhere else. Furniture is another big seller - at the end of August 2023, IKEA established a car boot sale of pre-loved furniture in Milton Keynes. The fact that such huge retailers are joining in on this trend cannot be ignored.
In 2022, eBay revealed that their top sellers for refurbished electrical goods were Dyson products, iPhones and Hotel Chocolat Velvitisers. So, it is likely electrical products will also dominate this year. Once again, air fryers are in high demand with people who are upgrading their own air fryer choosing to give the current one a new home.
Will the trend continue in 2024?
It certainly has been an interesting trend to observe and we don't expect it to slow down after the Black Friday and Christmas season is behind us. As mentioned, many big brands and retailers are using this trend to offer more to customers. Mamas & Papas has already extended it's pre-loved prams scheme for example.
Meanwhile, Decathalon has established a 'Second Life' range, which initially will focus on refurbished bikes, fitness equipment, kayaks and tents. The retailer found that 34% of their customers would be happy to purchase pre-loved sporting and outdoor equipment.
Consumers are really seeing the value in this trend. Why let a good product go to waste when there is still life in it? With the younger generation more tuned into bargains and sustainable commerce, this is going to be a huge market for years to come!
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