Sales of secondhand goods in Asia Pacific are estimated to be valued at USD 71,025.1 million in 2023. Demand for secondhand goods recorded a y-o-y growth of 8.9% in 2023, and it is expected to reach USD 77,914.5 million in 2024.
By 2034, Asia Pacific secondhand goods sales are projected to exhibit a 9.7% CAGR. It is anticipated to be valued at USD 1,96,645.8 million.
The secondhand goods industry has been growing in popularity across Asia Pacific. This is influenced by the allure of discovering reasonably priced, high-quality goods and a rising consciousness of sustainability & environmental issues among consumers.
The industry is also growing due to shifting customer perceptions about secondhand goods. Nowadays, individuals are open to purchasing used goods such as apparel, gadgets, furniture, and more.
People are urged to consider used products as more environmentally responsible alternatives due to the emphasis on sustainable living and trash reduction. This is not just a consumer goods trend; it is also influencing sectors such as fashion, where interest in vintage and thrift store purchasing is rising.
The emergence of digital platforms and e-commerce has transformed Asia Pacific’s secondhand goods sector. Online marketplaces have created handy channels for buying and selling used products, allowing customers more extensive reach and accessibility.
Attributes | Key Insights |
---|---|
Base Value of Asia Pacific Secondhand Goods Industry (2023) | USD 71,025.1 million |
Estimated Asia Pacific Secondhand Goods Industry Size (2024) | USD 77,914.5 million |
Projected Estimated Asia Pacific Secondhand Goods Industry Revenue (2034) | USD 1,96,645.8 million |
Value-based CAGR (2024 to 2034) | 9.7% |
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The Asia Pacific secondhand goods industry expanded significantly, owing mainly to changing consumer attitudes toward sustainability, cost-effectiveness, and increased acceptance of pre-owned items. This demonstrated a boom in the adoption of used items in a variety of sectors, including fashion, electronics, and furniture, driven by a growing middle class and an expanding internet economy.
Historical CAGR (2019 to 2023) | 6.8% |
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Forecast CAGR (2024 to 2034) | 9.7% |
The industry will likely surge exponentially as a result of several key factors. These factors include environmental consciousness among consumers. It is expected to drive demand for sustainable alternatives, consequently increasing the popularity of pre-owned items.
Changing economic landscapes, particularly in emerging economies, are anticipated to increase the acceptance of used items as a viable and often preferred alternative to new products.
The industry will also benefit from rising circular economy initiatives and government regulations focused on decreasing waste and encouraging reuse. As a result, the Asia Pacific secondhand goods industry is estimated to rise at a significant CAGR of 9.7% during the forecast period.
Shift toward Conscious Consumerism
Emergence of Peer-to-peer Resale Models
E-commerce Penetration and Digital Platforms
The section brings to the fore key highlights of the secondhand goods industry across prominent countries in the Asia Pacific. Out of all the countries profiled, Australia and New Zealand are expected to remain a highly lucrative hub for secondhand goods companies, exhibiting a CAGR of 12.8%. Thailand, Japan, and India are anticipated to follow with CAGRs of 12.6%, 9.0%, and 7.5%, respectively.
Country | China |
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Growth Rate, 2024 to 2034 | 6.6% |
Country | Japan |
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Growth Rate, 2024 to 2034 | 9.0% |
Country | India |
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Growth Rate, 2024 to 2034 | 7.5% |
Country | Thailand |
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Growth Rate, 2024 to 2034 | 12.6% |
Country | Australia and New Zealand |
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Growth Rate, 2024 to 2034 | 12.8% |
The secondhand goods industry in China is thriving, driven by a confluence of factors, including rising environmental consciousness, evolving consumer preferences, and the proliferation of e-commerce platforms. As China's middle class expands, individuals are increasingly adopting a more sustainable approach to consumption, seeking alternatives to buying new goods.
The trend is fueling the growth of secondhand product providers, where consumers can find quality items at a fraction of the original price. Additionally, the millennial population in China is less brand-conscious than previous generations.
They are more open to purchasing secondhand goods. They appreciate the unique styles and stories associated with pre-loved items, which can be a growth-driving factor.
The rise of e-commerce platforms such as Xianyu and Zhuan Zhuan has revolutionized the secondhand shopping experience, providing convenient access to a vast array of secondhand goods. These platforms have streamlined transactions, enhanced product authenticity, and fostered a community of secondhand enthusiasts. As a result, the secondhand goods industry in China is poised for continued growth, driven by these synergistic factors.
Consumers are becoming more ecologically conscious, preferring to reuse and recycle products in Thailand. Furthermore, the economic component is critical, as a part of the population is looking for cost-effective solutions. Quality secondhand goods are frequently available at lower prices, appealing to budget-conscious shoppers.
The popularity of vintage and retro items among younger populations adds to the industry’s allure in Thailand. This cultural change toward recognizing one-of-a-kind objects has increased demand for used goods.
Government initiatives supporting sustainability and circular economy principles help to drive growth by encouraging thrift shopping and recycling. These elements are creating a booming secondhand goods sector in Thailand.
The Australia and New Zealand secondhand goods industry has been steadily growing in recent years, driven by environmental consciousness, economic considerations, and changing consumer attitudes. With an increasing awareness of the ecological impact of consumerism, more people are opting to buy used items, contributing to expansion.
The rise of online marketplaces and mobile apps has also made it easier for individuals to buy and sell secondhand goods, further fueling the growth of this sector. The government in the country has been implementing policies to support sustainable practices, including encouraging the purchase of used goods, which has contributed to expansion.
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The table below highlights growth projections of top segments in the Asia Pacific secondhand goods industry. Based on product type, the beauty and health segment is set to lead the industry during the assessment period, thriving at a CAGR of 18.4% through 2034. Based on the sales channel, the consignment shops segment is set to showcase a significant CAGR of 12.0% through 2034.
Growth Outlook by Key Product Type
Product Type | Beauty and Health |
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Value CAGR | 18.4% |
In the Asia Pacific secondhand goods industry, the beauty and health segment stands out prominently, experiencing a substantial surge in demand and supply. This segment encompasses a wide array of products, including pre-owned skincare, cosmetics, wellness devices, and health-related items.
Consumers across the Asia Pacific are increasingly gravitating toward sustainable consumption practices, fueling the growth of the secondhand industry for beauty and health products. The appeal lies not only in cost-effectiveness but also in the rising consciousness about reducing environmental impact. The expansion is further propelled by the emphasis on authenticity and quality assurance in the secondhand beauty and health domain.
Growth Outlook by Key Sales Channel
Sales Channel | Consignment Shops |
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Value CAGR | 12.0% |
Consignment shops play a prominent role in the secondhand goods industry in Asia Pacific. These shops serve as crucial sales channels due to their ability to attract sellers and buyers.
Consignment stores provide a platform for individuals to sell their used items while offering buyers access to pre-owned goods at competitive prices. Their popularity stems from the variety of items available, from clothing to electronics, furniture, and more.
Consumers are increasingly drawn to consignment shops due to the environmentally conscious aspect of reusing things and the potential for finding unique or vintage pieces. This trend in the Asia Pacific showcases a growing preference for sustainable shopping practices and the value placed on reducing waste by extending the lifecycle of products.
Several key players have emerged, each carving their niche within this burgeoning industry. Online marketplaces such as Carousell, Rakuten, and OLX have become vital hubs for buying and selling secondhand items. These have been offering several categories, from fashion and electronics to home goods.
The Asia Pacific secondhand goods industry is poised for continued expansion, fueled by evolving consumer preferences favoring sustainability, affordability, and diverse choices. As players innovate and adapt to meet the changing demands of consumers, the landscape will likely witness further evolution and intensifying competition in the years ahead.
For instance,
Attribute | Details |
---|---|
Estimated Industry Value (2024) | USD 77,914.5 million |
Projected Industry Value (2034) | USD 1,96,645.8 million |
Anticipated Growth Rate (2024 to 2034) | 9.7% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Industry Analysis | USD million for Value |
Key Countries Covered | China, Japan, India, South Korea, Indonesia, Thailand, Singapore, Malaysia, Hong Kong, Australia and New Zealand, Rest of Asia Pacific |
Key Segments Covered | Product Type, Sales Channel |
Key Companies Profiled | Carousell; OLX; Tokopedia; Reebelo; Sangeetha Mobiles; Cashify; Hamleys; BookMooch; Qoo10; My Toys; Nykaa; Flipkart; PetSmart; Pet Lovers Centre; Anchanto; Rakuten; SaSa; Kakaku.com; Toy "R" Us; Yahoo! Auctions Japan |
Report Coverage | Forecast, Company Share Analysis, Competition Intelligence, Dynamics and Challenges, and Strategic Growth Initiatives |
Demand in Asia Pacific is expected to rise at a CAGR of 9.7% through 2034.
Revenue in Asia Pacific is set to reach USD 77,914.5 million in 2024.
Total sales are projected to reach USD 1,96,645.8 million in 2034.
Emergence of peer-to-peer resale models and availability of more mindful consumers.
Carousell, OLX, and Tokopedia are key players.
1. Executive Summary 2. Industry Overview 3. Key Market Trends 4. Business - Pricing Analysis 5. Demand (in Value or Size in USD million) Analysis 2019 to 2023 and Forecast, 2024 to 2034 6. Business Background 7. Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type 7.1. Apparel/Fashion 7.1.1. Women’s 7.1.2. Men’s 7.1.3. Baby/Kids 7.2. House, Garden, Do-It-Yourself 7.3. Consumer Electronics 7.4. Media and Entertainment 7.5. Consumer Appliances 7.6. Beauty and Health 7.7. Toys 7.8. Leisure, Sports, and Fitness 7.9. Pet Supplies 8. Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 8.1. Thrift Stores/Resale Stores 8.2. Online Market Places 8.3. Consignment Shops 8.4. Other Channels 9. Industry Analysis 10. China Analysis 2019 to 2023 and Forecast 2024 to 2034 11. Japan Analysis 2019 to 2023 and Forecast 2024 to 2034 12. India Analysis 2019 to 2023 and Forecast 2024 to 2034 13. South Korea Analysis 2019 to 2023 and Forecast 2024 to 2034 14. Indonesia Analysis 2019 to 2023 and Forecast 2024 to 2034 15. Thailand Analysis 2019 to 2023 and Forecast 2024 to 2034 16. Singapore Analysis 2019 to 2023 and Forecast 2024 to 2034 17. Malaysia Analysis 2019 to 2023 and Forecast 2024 to 2034 18. Hong Kong Analysis 2019 to 2023 and Forecast 2024 to 2034 19. Australia and New Zealand Analysis 2019 to 2023 and Forecast 2024 to 2034 20. Rest of Analysis 2019 to 2023 and Forecast 2024 to 2034 21. Structure Analysis 22. Competition Analysis 22.1. Carousell 22.2. Amazon Marketplace 22.3. OLX 22.4. Tokopedia 22.5. Reebelo 22.6. Sangeetha Mobiles 22.7. Cashify 22.8. Hamleys 22.9. BookMooch 22.10. Qoo10 22.11. My Toys 22.12. Nykaa 22.13. Flipkart 22.14. PetSmart 22.15. Pet Lovers Centre 22.16. Anchanto 22.17. Rakuten 22.18. SaSa 22.19. Kakaku.com 22.20. Toy "R" Us 22.21. Yahoo! Auctions Japan 22.22. Others (as requested) 23. Assumptions and Acronyms Used 24. Research Methodology
Consumer Product
March 2024
REP-GB-15854
315 pages
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