April 10th, 2023, Rishad Dsouza
Amid an inflationary environment that is affecting much of the world (albeit in varying capacities), YouGov decided to tap into the current appetite for pre-owned products, which could well be a refuge for people looking to cut expenses. In this piece, we focus on this demand for tech products (such as electronics and home appliances) and video gaming consoles.
Globally nearly a quarter of consumers say they would consider purchasing second-hand tech products and home appliances (27%), while a fifth are open to the idea of picking up a used gaming console (19%). While these rates fall well short of the openness to consider purchasing second-hand cars (51%), they are still fairly sizeable portions of the market.
In this piece we look at market by market variances in the proportion of people willing to purchase second-hand items from these categories.
Britons and Swedes lead the pack, with a third of consumers in both markets saying they would consider purchasing items like TVs, laptops and home appliances that have had a owner previously. About three in ten consumers in Poland (29%), Canada (29%), Australia (29%), US (29%) and Spain (28%) also show a willingness for the same.
Interestingly, markets in Asia are more apprehensive about purchasing second-hand items, with all of Hong Kong (17%), Singapore (20%), India (22%), China (24%) and Indonesia (26%) logging rates below the global average (27%). UAE is the sole exception to the rule and even then only matches the global average.
While some European markets bring up the top of the list, others like Italy (22%), Denmark (22%) and France (23%) are less willing to go the second-hand route for their tech and appliance purchases.
Britons lead the pack when it comes to gaming consoles as well, with a quarter of all adults saying they would consider a pre-owned unit (25%). Roughly the same proportion of Australians (24%) and Swedes (23%) also show the same consideration rates. Looking at North America, Canadians (23%) and Americans (22%) log higher rates than Mexicans (18%).
As with the tech and appliances chart, Asian markets undershoot the global average (19%) with consumers in Indonesia (10%), India (12%) and Hong Kong (13%) being about or less than half as likely as Brits to consider purchasing second-hand gaming consoles.
In fact, the distribution of markets across both charts is fairly similar, suggesting that the openness or the reluctance to buying second-hand products might be cultural. This could be an opportunity for brands and marketers to identify the causes of the reluctance in certain markets to try and win a slice of the market. Perhaps Asian markets are simply less trusting of the longevity of second-hand products, a concern that organized players in the space might be able to address through deft marketing and product warranties. Another interesting nugget for marketers and brands considering the market for second hand products is that high-income consumers are more willing to opt for second-hand products.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 512 and 2034 for each market. All surveys were conducted online in February 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.