Refurbished goods online market expects to gain continued demand for pre-owned products ahead of the festive season this year. We believe the demand for refurbished products to continue to grow in the times to come,and having seen the trends, we are optimistic about the continued demand for pre-owned products ahead of the festive season this year.
This is to happen when all major e-tailers , like Amazon Renewed, and others are geared up with their sale events for the festive season and are offering products at aggressive discount prices and offers. The question stands why a consumer would buy refurbished products given new products are available at such huge discounts and offers?
As consumers adapt to the ‘new normal’, they can buy good quality products at affordable prices as refurbished and pre-owned products can be about 30-40 per cent cheaper as compared to new products. They also have exciting options like no-cost EMI, warranty, discounts, doorstep delivery, product installation, demo options and buy-back options which make pre-owned products more attractive.
Before the coronavirus pandemic hit almost every sector of the economy, the refurbished market in Europe was seeing rapid growth. In fact, in 2019 last year, when the global refurbished products market declined by one per cent, the European market for refurbished goods increased by 9 per cent, as per research stats.
However, as the lockdown was eased post-April, organized refurbished market started to get its momentum back. where TVs, refrigerators and kitchen appliances were in most demand. Similarly, Amazon’s Refurbished Goods Vertical Amazon Renewed had witnessed a higher customer demand (reportedly, 10 – 20 per cent) post the easing of lockdown.
For that reason, expectations about refurbished products sales, are prudencially optimistic, hoping for a “green Friday”
The challenges of job loses and salary cuts, in the backdrop of a contracted economy to have a massive impact on consumer buying behaviour cannot be ignored. Despite that, the companies are hopeful of success. , while the economic impact of the current pandemic is likely to affect consumer behaviour, we foresee consumers to largely lean towards options which deliver better value. The concept of reusing is not new to european consumers. If this unforeseen pandemic has taught us anything, it is to put second-hand first and considering the environmental benefits associated with reusing products.
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