- 74%
of Singaporeans cite value for money as their reason for choosing secondhand,
higher than regional average of 67%
- 30%
of Singaporeans cite environmental reasons, tying with Taiwan for second place
in the region
SINGAPORE - Media OutReach -
30 November 2021 - According to the first Carousell Recommerce
Index, led by Carousell Group, the
leading classifieds group in Greater Southeast Asia, 74% of Singaporean users
opt for secondhand because of its value for money. This is higher than the
Carousell Group's average of 67%, and the third-highest market with an inclination
towards pragmatism as their go-to reason for secondhand, closely after Hong
Kong (82%) and Malaysia (78%).
Recommerce refers
to the selling and buying of previously-owned products, including both new and
used in condition. The Carousell Recommerce Index (2021 Report) is a Carousell
Green initiative to highlight the importance of sustainability and recommerce
in the Greater Southeast Asia region. The report covers findings from four
Carousell Group brands—Carousell, Cho Tot, Mudah and OneKyat—across eight
markets—Hong Kong, Indonesia, Malaysia, Myanmar, the Philippines, Singapore,
Taiwan and Vietnam.
Singapore also
ranks highly across various areas when it comes to sustainability and making
secondhand the first choice. 30% of respondents, who have bought secondhand
items before, say they choose to buy secondhand for environmental reasons. This
is higher than the regional average of 21%, tying Singapore and Taiwan for
second place.
Overall in the region, Fashion remains the top
category with the most secondhand listings (29%). Women's Fashion has
consistently dominated the top spot across the region, and Men's Fashion has
grown increasingly popular to rank second. This is similar for Singapore, with
Women's Fashion as the most popular secondhand category in 2018 and 2019. In
2020, Hobbies & Toys rose in demand by 29% to take first place from Women's
Fashion in Singapore, as more look to secondhand items for entertainment during
the pandemic. With upcycling entering the public's zeitgeist in the past few
years, secondhand furniture has grown fivefold regionally in the past five
years, and Furniture & Home Living category has consistently ranked third
in Singapore for the most supply of secondhand listings.
Carousell Group continues to make headway in
fostering secondhand. Its recent investment of US$100 million from STIC
Investments will see the Group reimagining the classifieds experience with a
focus on convenience and trust, powering more authentication initiatives in the
pipeline, to make secondhand the first choice. To help extend the lifespan of
electronics, Carousell launched Certified Electronics in Singapore to provide
users with a safe space to buy secondhand electronics with ease. Working with
professional sellers and partners, buyers are assured that proper quality
checks have been conducted to ensure full working condition of the mobile
phones before their purchase, and each purchase comes with the assurance of a 12-month
warranty. Since its beta launch in February 2021, there has been a 57%
month-on-month increase in sales and the numbers continue to trend upwards.
Carousell also rallies its community to create a
flywheel of giving, with Singapore's always-on #blessings campaign with its latest initiative partnering
charities, which was
inspired by generous users who listed items for free using the hashtag
#blessings. The popularity of the #blessings campaigns led to a dedicated Free
Items category that is now available in Singapore, Hong Kong, Taiwan, Malaysia
and the Philippines on Carousell, as well as Chợ Tốt in Vietnam and OneKyat in
Myanmar.
Lucas Ngoo,
Co-founder, Carousell Group said, "As a pioneer for mobile classifieds in the
region, Carousell Group has been constantly working to remove friction and
enable secure, seamless transactions. With the use of AI and data, we have been
focused on accelerating our recommerce leadership in the region to make buying
secondhand trusted and convenient. This, in turn, will help to solve the
meaningful problem of overconsumption with recommerce and thus make secondhand
the first choice for consumers."
The Carousell Recommerce Index (2021 Report) is available
for download here.
The issuer is solely responsible for the content of this announcement.