Aided by growing financial and environmental concerns among consumers, the UK furniture resale market is forecast to grow by 40.8% between 2022 and 2027 to reach a value of £1,101 million, outpacing the total furniture market, which is set to increase by 7.9% in the same period, according to a new report.
GlobalData’s latest report, UK Sector Series: Furniture Resale Market, 2022-2027 reveals 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.
‘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, says Sophie Mitchell, GlobalData retail analyst.
Younger demographics are driving growth within the market, with the highest purchase penetration being among 24-34-year-olds, who account for 10.7% of the total purchased resale furniture in the past year.
‘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. Mortgage rates remain around the 6% mark on average, far higher than those seen in the past decade. ONS figures also show that the average UK house price has increased by 73% between January 2013 and January 2023. The resale market is therefore crucial for kitting out homes, as consumers will be on tighter budgets if they do manage to buy – and this is especially the case for first-time buyers.’
