The Recommerce Revolution; Understanding attitudes & shopping behaviours of Millennials in SEA & HK

We are witnessing the explosive growth of recommerce as it feeds two key needs of consumers today; the demand for sustainability and the hunt for a good deal. This juncture of ethics and eCommerce creates fertile ground for retail media because of the interplay among customer data, closed-loop reporting, and real-world results that generate more and better data. With 70% of the user base across Carousell Group aged between 18 to 35 years old, IAB SEA+India in collaboration with Carousell Media Group, conducted research to understand the attitudes and behavioral patterns of Millennials who are actively engaged with recommerce platforms Carousell, Mudah (Malaysia) and Cho Tot (Vietnam) across 5 different markets in SEA and Hong Kong. This segment of users are savvy, independent, knowledgeable and actively decide their lifestyle choices. Through exploring these we’ve found: Rise of a more aspirational consumer class. Despite the economic slowdown, more than half the users in the sample survey bought multiple luxury items in the past year. In Vietnam, 75% of respondents bought at least one luxury item and 33% bought more than three. Singapore, Vietnam, Carousell Malaysia and Hong Kong are above the purchasing average with 40% buying at least one to two luxury items in the past year Differences in spending habits: Millennials in Hong Kong were twice more likely to use credit cards to make purchases as compared to other markets where saving for an item or waiting until it is on sale were preferred A significant growing sustainability consciousness, not limited by economic development: 95% of respondents across the region agreed that purchasing a pre-owned item is more sustainable Join us to unpack more on the recommerce revolution and what motivates Millennials to buy and sell, what their attitudes are towards sustainability, community and affordability of items, and how these attitudes actively shape their behavior across different markets.