United Kingdom’s Recommerce Industry Valued at £7 Billion — Retail Bum

The rental and resale industry in the U.K. is now worth nearly £7 Billion, according to the latest research from Barclays.

The size of the recommerce industry has ballooned as more and more British consumers are embracing a sustainable lifestyle amidst a challenging economic environment. Just last year, Brits spent over £5.92 billion buying secondhand products and another £1.07 billion on rentals instead of purchasing brand-new products.

Barclay’s research indicates that in the coming years, U.K.’s recommerce industry is projected to continue its growth trajectory, with 44% of Brits buying more secondhand products today than they did last year and 57% indicating that their circular shopping habits have remained consistent.

A key factor that is pushing more consumers to show interest in rentals and resale is the high cost of living. Sixty-two percent say that the high cost of living makes them assess their purchases, up 19% year-on-year. Another important reason is a desire to embrace more sustainable shopping habits, with 43% of shoppers saying so and 22% saying rentals and resale options help them access designer products that are out of reach.

One demographic group that is leading the broader shift toward rental and resale is Gen Z shoppers…