The new slogan of Indian consumers is Reuse, Recycle and Recommerce!!! Now what you are going to read is something quite different from what we have been writing on consumer behavior in this portal…..
The latest news is that consumers are selling more to buy more!!! Consumers are selling their old stuff to upgrade to new version of what they are selling…..you can call the phenomenon as new trend or evolution of new type of consumers.
You may get surprised by what I am trying to convey here because as you know never consumers don’t like throwing away anything….they fix them and re-use them as much as possible as buying new one is an expensive option usually….but the changing lifestyle is having an impact on this behavior of Indian consumers….
So what is the reason for the change????
There are three main reasons for the change….
The fore most reason is the desire of the consumer to get the new version of the existing stuff with them. So to get the upgraded product consumers are selling off the old stuff to afford the new version.
Secondly, is the need to maintain that status “quo”. A large number of consumers especially the new generation consumers believe that being tech savvy and up to date with the times gives them that extra status in the society ( a belief that is spreading to old generation too).
Thirdly, is the desire to buy ( unnecessary products)…. Even though they have no credit, they just find excuses like selling old stuff and bring home the new version.
So what does the new trend mean to retailers??
Rolling out such exchange offers(old for new with discounts) would work well with this changing consumer behavior. Marketers and retailers should get ready with such offers to tap this market potential.