PUBLISHER: Grand View Research | PRODUCT CODE: 1474960
PUBLISHER: Grand View Research | PRODUCT CODE: 1474960
The global second-hand furniture market size is anticipated to reach USD 56.66 billion by 2030, growing at a CAGR of 7.7% during the forecast period, according to a new report by Grand View Research, Inc.The surge in environmental awareness and a heightened focus on sustainable lifestyles is encouraging consumers to opt for used furniture, driving the market growth. Cost-effectiveness is another key factor driving the demand for second-hand furniture.
Collaborations and partnerships play a prominent role in the second-hand furniture industry, online platforms such as Made.com and Geev are facilitating seamless buying and selling of second-hand furniture through a partnership, contributing to market growth by providing convenience and accessibility to consumers. The collaboration between online marketplaces and furniture providers, home retailers, and home improvement centers empowers customers to embrace circular economy practices.
Consumer preferences in the second-hand furniture industry are increasingly shaped by a combination of sustainability, cost-effectiveness, and convenience. There is a growing inclination towards pre-owned items driven by heightened environmental consciousness, with consumers opting for sustainable living practices. Additionally, the convenience offered by online platforms for easy buying and selling aligns with the modern lifestyle. Factors such as affordability, reduced environmental impact, and the ease of online transactions, collectively contribute to rising consumer preferences for second-hand furniture.
The cost-effectiveness of purchasing used furniture is a key motivator for consumers, appealing to budget-conscious individuals seeking quality and sustainability. AptDeco, an online marketplace, highlighted that it offers second-hand furniture at up to 70% savings from renowned brands. In November 2022, AptDeco, an online furniture resale marketplace, expanded across the U.S. through national shipping, establishing itself as the sole end-to-end platform for all furniture resales. This initiative broadens accessibility, promoting a circular economy by prolonging the lifespan of home furnishings and mitigating furniture waste sent to landfills.