{"id":129080,"date":"2022-08-30T13:56:59","date_gmt":"2022-08-30T13:56:59","guid":{"rendered":"https:\/\/fin2me.com\/?p=129080"},"modified":"2022-08-30T13:56:59","modified_gmt":"2022-08-30T13:56:59","slug":"it-didnt-get-worse-romans-breaks-down-key-inflation-data","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/it-didnt-get-worse-romans-breaks-down-key-inflation-data\/","title":{"rendered":"&#39;It didn&#39;t get worse&#39;: Romans breaks down key inflation data"},"content":{"rendered":"<p><cite>New York  (CNNBusiness)<\/cite>Savvy consumers have found a way around sky-high inflation to keep buying more than just necessities.<\/p>\n<p>They&#8217;re doing it by shopping for their closets, homes, outdoor spaces, home offices and workout areas not from retailers but from each other.<br \/>\nLarge chains such as <span>Walmart<\/span> <span>(<span>WMT<\/span>)<\/span>, <span>Target<\/span> <span>(<span>TGT<\/span>)<\/span>, and <span>Bed Bath &amp; Beyond <\/span> <span>(<span>BBBY<\/span>)<\/span>are struggling with an oversupply of merchandise and lack of demand for discretionary items like furniture, electronics, home decor and clothing.<\/p>\n<ul><\/ul>\n<p>But those are exactly the categories that are in hot demand in the secondhand marketplace, according to the fourth annual industry report from OfferUp, a leading online resale marketplace.<\/p>\n<ul><\/ul>\n<p>&#8220;While recommerce has become popular in culture with its use for clothing resale, our research found that 76% of items bought and sold pre-owned are not apparel and instead fall into the categories of electronics, furniture, home goods, home improvement, sporting goods, outdoor equipment and auto parts,&#8221; OfferUp CEO Todd Dunlap, said in the report.<\/p>\n<p>Demand for secondhand clothing and other items was already strong heading into the pandemic, with environmentally and budget-conscious millennial and Gen Z shoppers driving interest in resale. The pandemic strengthened the momentum, and now surging inflation has fortified it.<br \/>\nThe report, produced in conjunction with analytics firm GlobalData, found that 82% of Americans, some 272 million people, are currently buying or selling secondhand goods. A majority of those consumers said inflation impacted their decision to enter the secondhand market, with saving or making money the prime motivation.<\/p>\n<ul><\/ul>\n<p>&#8220;Inflation is more helpful than harmful for resale as it drives the market for both buyers and sellers,&#8221; said Neil Saunders, retail analyst and managing director at GlobalData Retail.<br \/>\n&#8220;On the buyer front, more people are turning to secondhand as a way to save money when prices are high. And more people are selling their used goods to make a bit of extra money,&#8221; he said. &#8220;So inflation is widening the number of people involved in the resale market and expanding the number of items available.&#8221;<br \/>\nThose who are active in the marketplace are spending about 27 minutes a day on resale sites, almost on par with the 30 minutes a day they spend on Instagram, Facebook, and Snapchat.<br \/>\n&#8220;We interviewed a representative set of Americans and found that they don&#8217;t plan on slowing down,&#8221; Dunlap said. &#8220;In fact, more than half (58%) of Americans who engage in recommerce plan to increase their buying and\/or selling of pre-owned goods in the next 12 months.&#8221; <\/p>\n<ul><\/ul>\n<p>OfferUp expects the resale market to reach $178 billion in sales in 2022, up from $160 billion from the prior year, and $289 billion in sales by 2027.<br \/>\nThe report is based on research from GlobalData and a survey of 2,000 US adults conducted in May 2022.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2022\/08\/30\/business\/offerup-resale-report\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNNBusiness)Savvy consumers have found a way around sky-high inflation to keep buying more than just necessities. They&#8217;re doing it by shopping for their [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":129079,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>&#039;It didn&#039;t get worse&#039;: Romans breaks down key inflation data - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/it-didnt-get-worse-romans-breaks-down-key-inflation-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;It didn&#039;t get worse&#039;: Romans breaks down key inflation data - Fin2me\" \/>\n<meta property=\"og:description\" content=\"New York (CNNBusiness)Savvy consumers have found a way around sky-high inflation to keep buying more than just necessities. 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