Is Russia Embracing Second-Hand Markets Amid Foreign Brand Exodus?

World 11:37 20.05.2024

As foreign brands continue to withdraw from the Russian market amidst sanctions, the demand for second-hand products is on the rise. Avito and Sbermarketing data reveal a staggering 57 percent increase in demand for second-hand ready-made clothing products in certain regions of the country last year, Ednews reports.

"Izvestia" newspaper, cited by Ednews, predicts a further surge in demand for second-hand goods in 2024, with expectations set for at least a 30 percent increase. Notably, the trend is most pronounced among younger demographics, with individuals aged 12-27 comprising the leading customer base for second-hand clothing products in Russia.

The exodus of foreign brands has paved the way for a flourishing second-hand market, with sales volumes skyrocketing by 2.5 times in stores specializing in second-hand clothing products from January to August 2022.

Amidst economic shifts and changing consumer preferences, the allure of second-hand products appears to be gaining momentum in Russia, presenting both challenges and opportunities for the retail landscape

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