Monday, January 20, 2014: The options of retrofitting and re-usage are being considered more actively than ever before whether it be consumer goods like electronics, durables or automobiles or the industrial machinery in the capital goods sector, says a new study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). High interest rates, risk aversion and subdued investment appetite have led to this state of ‘second hand culture’ so much so that India’s used goods market is likely to touch Rs 1,15,0000 million by 2015 from Rs 8,00,000 million at present. The findings are the result of growing consumerism and disposable income.
The rise in income today is not commensurate to the rise in aspirations, leading consumers to buy products from the second-hand market to fill the gap, the study said. Nearly 45 per cent of the respondents covered in the study said buying second-hand goods from reliable platforms is worthwhile as demand has multiplied but income hasn’t risen accordingly. Presently, the country’s second-hand goods market is worth an estimated Rs 8,00,000 million, which includes the automobile segment as well.
Textbooks are the most sought after in the second-hand segment after automobiles, constituting 25 per cent of the ‘for-sale’ listings on OLX, an online classified site. However, most dealers across major cities said sales of second-hand productsare definitely lower as compared to the past couple of years.
