Professor Vincent Wong, from the Department of Marketing, has co-authored a study revealing that consumers are more inclined to resell second-hand items compared to brand-new purchases. The six-part study validates this phenomenon across various product categories. Initial observations track actual resale behaviours, while subsequent analyses delve into the underlying mechanisms and how emotional connections with products influence this behaviour. This research is crucial for understanding consumer resale actions, encouraging responsible consumption, and fostering a vibrant second-hand market. By exploring why consumers choose to resell products, the study contributes to sustainable development efforts.
Globally, the focus on sustainable practices such as reuse and resale has intensified due to the need for responsible resource management. These practices not only reduce waste but also conserve energy by curbing new production. Despite setbacks during the COVID-19 pandemic, the resale market, valued at US$177 billion by 2022, continues to grow.
Consumers decide to resell based on product characteristics, motivations, and personal differences. The study introduces the idea of a "reuse and resale cycle," suggesting that buying second-hand can trigger future resales, promoting continuous reuse among consumers. The research also explores consumers' emotional ties to second-hand products, noting that these connections are weaker compared to new items. This reduced attachment may drive consumers to resell second-hand possessions more readily. In conclusion, this research provides insights into consumer behaviours regarding reuse and resale, emphasising sustainability and responsible consumption practices to build a more sustainable society.
Huang, Feifei; Wong, Vincent Chi. "From Second-Hand to Third-Hand: Reuse and Resale Cycle." June 2024; In:
Journal of Consumer Research, Vol 51, Issue 1, pp. 104-113
Reference:
https://www.scopus.com/record/display.uri?eid=2-s2.0-85193453317&origin=recordpage
