Singapore, 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.
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About Carousell Group
Carousell Group is the leading classifieds group in Greater Southeast Asia on a mission to inspire the world to start selling, and to make secondhand the first choice. Founded in August 2012 in Singapore, the group has a leading presence in eight markets under the brands Carousell, Mudah.my, Cho Tot and OneKyat, serving tens of millions of monthly active users. Carousell is backed by leading investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments and Sequoia Capital India. Visit here for more information.