SEATTLE – A consumer study from OfferUp, a mobile marketplace for local buyers and sellers in the U.S., found that in 2020, 58% of Americans redecorated their homes with new furnishing items.
“As our homes became the place for work, school, and exercise, we saw demand increase exponentially for the items that make these things possible,” said Nick Huzar, CEO and co-founder of OfferUp. “2020 accelerated the shift from retail to resale that we’ve seen coming for a long time.”
The study found that with professionals working from home and students shifting to remote learning, families purchased office items such as desk chairs out of necessity. Furniture focused on relaxation — including beds, mattresses, sofas — and decorative items such as rugs, lamps and pillows were also popular purchases, according to the study.
As a result of the increased interest in redecorating, furniture and home goods, re-commerce grew by 17% in just one year. The OfferUp study predicts that these gains will become a $23.6 billion market by 2025, making re-commerce the fastest-growing channel for home-related items. In addition, it’s estimated that two-thirds of American homes have home goods and furniture acquired through resale.
OfferUp’s consumer study also found that 11% of Americans moved because of the pandemic, with more than 31% making the transition from the city to the suburbs in 2020. And, four out of 10 survey respondents said they chose to upsize their homes in their quest for more space, resulting in many having to buy new furniture.
According to the research, the two rooms most closely associated with relaxing – the bedroom (36%) and living room (35%) were the most redecorated. The study also showed that spending on home decor increased by $27.2 billion in 2020 compared to 2019, the equivalent of everyone in the U.S. spending $82 more on home products. And finally, nearly a third of Americans, or 32%, have used, or plan to use, money from stimulus checks to finance home redecoration, and 23% plan to use refunds from their 2021 tax return.
OfferUp analyzed buyer/seller metrics from its more than 56 million buyers and sellers in 2020, to provide additional detail into America’s most current resale trends. The study, published in partnership with data analytics firm GlobalData, reveals new insights into how the pandemic has affected Americans’ investments in their home decor.
