10 Million Transactions Per Year, 400,000 Won Per Person... Secondhand Trading Has Become Everyday Life

Bungaejangter 2020 Used Goods Trading Preference Report Released

[Asia Economy Reporter Kim Cheol-hyun] Amid many changes in daily life due to the novel coronavirus infection (COVID-19), 'secondhand trading' has emerged as the most notable consumption trend this year.

On the 9th, Bungaejangter announced this in the '2020 Bungaejangter Secondhand Trading Preference Report,' which analyzed secondhand trading data. According to the report, the number of product listings on Bungaejangter increased by 39% compared to the same period last year. The number of transactions on Bungaejangter until November reached 11 million, growing approximately 11% year-on-year, and the transaction amount increased by 19% to about 1.1 trillion KRW. Considering the trend of transaction amount growth until December, the total transaction amount for this year is estimated to exceed 1.3 trillion KRW.

Additionally, the number of actual purchasing users on Bungaejangter was 2.8 million, who were analyzed to have spent an average of 400,000 KRW annually on secondhand purchases. In particular, in February, when COVID-19 cases began to surge, the average monthly purchase amount per person and the average purchase amount per person in November, when winter clothing sales started to become active, both reached a peak of 200,000 KRW. Looking at the gender distribution of users who conducted secondhand trading through Bungaejangter, 54% were female and 46% male, while by age group, those under 25 accounted for 40%, 25?34 years old 28%, and 35?44 years old 18%.

With the normalization of secondhand trading, safe payment methods have also grown significantly. Until November this year, Bungaejangter's safe payment service, Bungae Pay, more than doubled in payment amount compared to the same period last year, and the number of Bungae Pay users grew sharply by three times. The cumulative transaction amount of Bungae Pay until November reached 125 billion KRW, accounting for about 12% of the total transaction amount. Monthly Bungae Pay transaction amounts have been increasing every month, recording 13 billion KRW in October and exceeding 15 billion KRW in November. Bungae Pay works by having the buyer prepay the amount, which is safely held by a third party, Bungae Pay, and then paid to the seller once the product delivery is completed.

Choi Jae-hwa, Chief Marketing Officer (CMO) of Bungaejangter, said, "Analyzing the data on what people bought and sold secondhand in 2020, we saw that this year, more than ever, diverse tastes coexisted across all generations, and people focused on valuable consumption and turned to new hobbies for themselves to adapt to the changed daily life." He added, "As more users gather on the platform and secondhand trading becomes part of daily life, we expect the growth trend of the secondhand market to continue in 2021 and firmly establish itself as a culture."

This content was produced with the assistance of AI translation services.