"Returns and Used Items? No Problem"…Interest in 'Refurbished' Products Grows Amid High Inflation Burden

Embrain Refurbished Product Usage Survey
77.6% of 1,000 Adults Have "Purchase Experience"
Wise 'Frugal Consumption' Trend Spreading

Due to high inflation, as more consumers seek to purchase products at reasonable prices, interest in 'refurbished' products?items temporarily used and returned due to simple change of mind or minor defects, sold at prices lower than new products?has increased in the distribution market.

On the 1st, market research firm Embrain Trend Monitor announced the results of a consumer usage behavior (U&A) survey on refurbished products, conducted with 1,000 adults aged 19 to 59 nationwide. According to the results, 8 out of 10 respondents (77.6%) answered that they have experience purchasing refurbished products, indicating a recent rise in demand.

Interest in these products was high at 72.9%, regardless of gender or age. The proportion of respondents who said "interest in refurbished products has increased due to rising prices" was 67%, and 53% felt that "more people around me are purchasing these products."

Consumers showed positive responses such as "If you choose refurbished products well, you can get a great deal (64.6%, multiple responses allowed)," "They offer good cost-effectiveness (59.2%)," "They are affordable (58.2%)," and "They are reasonable products (45.1%)."

The most commonly purchased product type was discontinued items (43.3%), followed by products with short expiration dates but no usage issues (39.6%). Other types included returned products due to simple change of mind (38.0%) and display items exhibited in stores (38.0%). The reasons for purchase were that there was no difference in price and quality compared to normal products, and that they offered good cost-effectiveness.

Embrain stated, "In cases of simple returns, display products, or items with external or packaging issues, responses indicating 'there is little difference from normal products and no problem in use' were high," adding, "It was confirmed that consumers are making wise purchasing decisions by considering price and performance."

Consumer Usage Behavior Survey on Refurbished Products [Data provided by Embrain Trend Monitor]

The proportion of respondents who said they intend to purchase refurbished products in the future was also high at 74.8%. Those who expressed a desire to visit specialized stores recorded 81.9%. Additionally, 76.9% agreed that purchasing refurbished products is a smart consumer activity.

However, younger age groups tended to prefer new products over used ones even if they were more expensive. Among people in their 20s and 30s, 52.8% respectively expressed the opinion that using new products is better. For the same question, 42.8% of those in their 40s and 40.8% of those in their 50s agreed.

Respondents anticipated that the market for refurbished products would grow amid ongoing inflation. The proportion who believed "more people will seek refurbished products in the future" reached 82.3%, and those who felt that "a wider variety of refurbished products and sales channels need to be expanded" were 84.4% and 82.6%, respectively.

An Embrain official predicted, "Based on the survey results, to sustain the popularity of refurbished products, it will be important to diversify product types and establish distribution channels."