Second-hand, preloved and preowned – these are all terms that effectively describe a market that has boomed in recent years. Buying second-hand goods has always been an option thanks to charity shops, vintage stores and websites such as eBay and Gumtree – but a whole new generation has propelled preloved and preowned into the mainstream. This changing consumer landscape is having and will continue to have profound impacts on the retail sector. Businesses must adapt if they are to remain competitive and in connection with a changing demographic over the next few years and decades.
What is the second-hand revolution?
Buying and selling second-hand goods has been around for a long time, so what makes recent developments different? The key is that this preloved market resurgence represents a cultural shift as much as anything. Consumers, particularly younger generations, are placing more emphasis on quality and relative value. As such, the preloved space is often the primary market and first port of call for those wanting items of clothing or accessories like preowned Rolex watches. Businesses such as Vinted and Depop have grown significantly on the back of social media hype and many customers will now browse preowned products before considering brand new alternatives – that’s the revolution. Second-hand can offer value and quality that many bigger retailers just can’t match, but these companies certainly have their eye on the space as we’ll explore later.
The sustainability agenda
This revolution is closely associated with the ever-increasing push for sustainability from the bottom-up. Consumers are more environmentally aware and supportive than ever before, and this is reflected in their spending habits and behaviour. Buying preloved items is a fantastic way to reduce waste and avoid sending items unnecessarily to landfill. Furthermore, the market created around buying and selling these goods benefits all parties involved but NOT the big corporations for a change – which is popular with many people. Sellers get a bit of extra cash for their unwanted items and buyers get the clothing they want for less and in a more sustainable fashion. This cultural movement is also somewhat economically and politically driven it seems.
Big retailers are getting involved
As with any trend, retailers and corporations are likely to get involved to capitalise on changing demands and perceptions. Asda’s decision to sell vintage and preowned clothes is just one example of this. But this benefits the environment, consumers and the brands – so long may it continue. The future of retail may well be shaped by these changing perceptions and trends, which is an exciting prospect. We could see a retail landscape dominated by preloved goods and a decreasing reliance on new product imports and sales. Businesses should be planning ahead to stay relevant, particularly those with older customer bases because this is likely to be a long-term trend – not just a fad.
