The UK furniture resale market is forecast to grow by 40.8% between 2022 and 2027, outpacing the total furniture market, which is predicted to increase by 7.9% in that period.
That is according to GlobalData, a data and analytics company, which has included its workings in the ‘UK Sector Series: Furniture Resale Market, 2022-2027’ report.
Within the research, it is stated that 26.5% of consumers would consider purchasing furniture via resale in the future, indicating the potential for growth within the market as it becomes more acceptable and accessible. Affordability and sustainability factors are said to be at play in the growth of the market.
Sophie Mitchell, retail analyst at GlobalData, said: “The furniture resale market is ramping up, with an increasing number of players becoming active within the market such as Rehome and Vinterior, alongside furniture market leaders such as Ikea adding resale options to their offer.
“These players are stimulating the resale market as they are more able to meet changing consumer expectations and demand than traditional antique and charity shops.”
According to GlobalData, younger demographics are driving growth within the market, with the highest purchase penetration among 24-34-year-olds, who account for 10.7% of the total purchased resale furniture in the past year.
Mitchell added: “This demographic will drive the growth of the furniture resale market in the future. These younger consumers are not only generally more concerned about the environmental impacts of new products but are also facing a challenging housing market.”
With mortgage rates far higher than those seen in the past decade and Office for National Statistics data showing the average UK house price has increased by 73% between January 2013 and January 2023, interest from consumers in the resale market has grown.
Mitchell noted: “For retailers to succeed in resale ventures, they must remove the barriers to purchase, making resale as easy as buying new.
“For instance, detailed product information, clear imagery, transparency around product condition, accurate location tools, and alerts will all encourage consumers to purchase furniture.”
[Image credit: Green Retail World]
