Wemakeprice, Refurbished Product Sales Increase 5 Times... "Practical Consumption Amid Recession"
Increase in 'Practical Consumption' Due to Weakened Consumer Sentiment Amid COVID-19 Impact
[Asia Economy Reporter Kim Cheol-hyun] Due to the impact of the novel coronavirus infection (COVID-19), consumer sentiment has weakened, leading refurbished products to rapidly grow by targeting the niche market between new and used products. Refurbished products refer to items that were returned after purchase due to simple change of mind or products repaired for minor defects unrelated to performance.
Wemakeprice (WEMAKEPRICE) announced on the 17th that the transaction amount of refurbished products in April and May, the recent two months, increased about fivefold compared to the same period in 2018. As the number of customers seeking refurbished products increased, the number of handled products also grew 14 times. Since 2018, the market has maintained a double-digit growth rate annually, and currently, about 10,000 refurbished products are being sold. The product categories are diverse, including ▲Furniture & Home Deco ▲Books & Education ▲Digital & Electronics ▲Beauty & Fashion ▲Living & Kitchen ▲Sports & Automotive ▲Food & Health ▲Baby & Maternity.
Wemakeprice explained that the reason refurbished products are popular is that consumers can purchase items almost like new at prices up to 70% cheaper. This satisfies consumer demand for high cost-effectiveness products with quality relative to price. From January to May this year, the most sold refurbished products on Wemakeprice were digital electronics such as multifunction printers, mini PCs, monitors, as well as tables, furniture, and fans. In terms of sales revenue, massage chairs ranked overwhelmingly first.
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A Wemakeprice official said, "The number of customers pursuing practical and reasonable consumption is increasing," adding, "Recently, with the premiumization of digital electronics causing new product prices to soar, the number of customers seeking refurbished products in this category is also rapidly increasing."
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