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While purchasing pre-owned items for yourself to save money has become increasingly accepted, secondhand gifting also continues to trend upward, with both trends similarly driven by younger consumers.
According to a Mintel survey of 2,000 holiday shoppers published in October, nearly half (48%) of winter holiday shoppers are open to shopping for pre-owned gifts this holiday season, up from 40% a year ago. For Gen Z members (18- to 24-year-olds), 68% are likely to shop secondhand this holiday season.
Value was found to be the primary driver of secondhand gifting amid inflationary pressures.
“Discount and secondhand retailers are expected to see continued growth as shoppers look to stretch their dollars farther and look for more affordable ways to shop,” said Brittany Steiger, retail and e-commerce analyst at Mintel, in a statement. “Nostalgia and vintage fashion trends have captivated Gen Z, making pre-owned shopping an ideal format for unique, on-trend finds. Additionally, lower-income shoppers are more likely to shop secondhand, looking to pre-owned items as a way to save money.”
A survey of 1,500 U.S. adults from used goods marketplace OfferUp found 75% of respondents open to giving and 82% open to receiving secondhand holiday gifts — both metrics up 11% since 2022.
Similar to the Mintel survey, affordability remained a prime motivator, with the top reasons for buying secondhand holiday gifts being to get a good deal (58%), to avoid higher retail prices (52%), and to help stay within their holiday spending budget (43%). Among respondents, 46% agreed that retail prices for the gifts they want to purchase this year are notably higher than years prior.
OfferUp’s survey also found 67% of shoppers believing the stigma around secondhand gifting has lessened, aligning with broader findings around secondhand shopping as a whole.
The primary reasons the stigma around secondhand holiday gifting has lessened were:
- More affordable options compared to buying new items (52%)
- Increased availability and variety of secondhand items (49%)
- Positive experiences shared by friends or family members (48%)
The global secondhand apparel market is expected to nearly double by 2027, from $177 billion in 2022 to $351 billion in 2027, fueled largely by consumers seeking value, according to ThredUp’s 2023 Resale Report.
Mercari’s 2023 Reuse Report found the top reason to shop resale was saving money, cited by 71.9% of survey respondents, followed by finding vintage items (34.3%), looking for something unavailable elsewhere (28.3%), discovering new items like a treasure hunt (25.8%), and reducing environmental impact (21.1%).