The rising cost of living and consumers’ commitment to a more sustainable lifestyle have meant there is now no shame in buying second-hand items or repairing broken goods to extend their life, according to a Euromonitor expert.
As revealed in Euromonitor International's ‘Voice of the Consumer: Sustainability Survey 2023’, 24% of global consumers buy second-hand products to lead a more sustainable life, while 41% choose to repair broken items instead of buying new ones.
According to Jorge Zuniga, a senior sustainability insights consultant with the markets analysis outfit:“The rising cost of living is pushing consumer behaviours towards sustainable practices as alternative cost-effective solutions.
“Actions such as turning off heating, reducing food waste, opting for more fuel-efficient mobility options, reducing appliance use, preparing meals at home, repairing items and buying second-hand products are not only helping them to reduce costs and avoid unnecessary purchases but also allowing them to stay true to their values and adopt sustainable lifestyles.”
Zuniga saidembracing recycling was particularly important for Gen Z and Millennials.
More than 40% of younger consumers opt for second-hand shopping every few months, while more than 50% of 15- to 44-year-old consumers plan to purchase a second-hand item in the near future.
“Younger generations choose to repair items and shop second-hand mainly due to costs.
“As Gen Z are now the most financially pressured, second-hand is a great way to get stylish and buy even premium garments at reasonable prices.”
Repairing products is more important to the older generations, many of whom have become environmentally active.
Some 40% of consumers in the age bracket 45-60+ in 2023 (28% in 2021) intended to buy second-hand or previously owned products.
Euromonitor International has identified 12 sustainable consumer types based on their values and attitudes. ‘Meat Avoiders’ and ‘Zero Wasters’ are the leading types of sustainable consumers, each accounting for 36% of the sustainable market.
These consumers are worried about climate change and recycle or repair broken items rather than replacing them, and buy second-hand or previously owned products.
Recycling and repairing habits are most prevalent in Latin America, Europe and Asia Pacific. Some 31% of consumers in North America, 36% in Europe and Asia Pacific and 40% in Latin America choose a zero-waste lifestyle. The Philippines was the country with the highest percentage (56%) of ‘Zero Wasters’ in 2023, with 76% of the population concerned or extremely concerned about climate change.
While the second-hand market is more developed and widely available in Europe and North America, the real pulse of consumer engagement beats in Asia Pacific the Middle East and Africa. India, China, and Saudi Arabia lead the charge, not only embracing second-hand goods but also signalling strong intentions to increase spending in this market.
In India, 42% of consumers, 34% in China and 30% in Saudi Arabia intend to increase spending on second-hand products in the next 12 months.
Almost 50% of consumers in India buy and sell used items, while in the United Kingdom, consumers prefer to buy second-hand products (38%) rather than sell them (28%).
