Nearly 25 per cent of UAE residents purchase or rent pre-owned products online with vehicles topping the list.
A survey conducted by Redseer has revealed the pre-owned products buyers in the UAE are highly digital services users and mostly buy products through online platforms due to attractive offers and discounts offered by them.
“Consumers have identified pre-owned goods marketplaces as a very attractive prospect given the discounts that they offer along with sustainability and luxury market access as the key motives for buying. Beyond pre-owned goods, UAE consumers now exhibit higher levels of digital maturity as nearly 85 per cent engage in online shopping,” it said.
A study conducted by Euromonitor has revealed that the value of the UAE e-commerce market to grow to $8 billion by 2025 from $3.9 billion in 2020.
Redseer study found that renting or buying pre-owned vehicles is the most adopted category as 92 per cent of UAE residents plan to buy a pre-owned car, 81 per cent intend to buy a used electronic items, 75 per cent likely to buy a home from the secondary market and 71 per cent could buy a piece of pre-owned jewellery.
“Consumers have shown a preference for buying as opposed to renting across the board. Buying is seen as a better value-added proposition especially for home and electronics sectors where the estimated duration of use can be higher. However, renting also has a critical mass with more than 40 per cent adoption,” Redseer said in survey.
“Sustainability has emerged as a key theme for 2022 as the UAE government announced its plan to ban plastic. Consumers are also becoming more conscious of their environmental footprint and seek newer alternatives in their daily life. A vibrant pre-owned market is a critical driver for the circular economy as it increases the life of products. We see that one-in-four UAE consumers are already adopting it,” Redseer said in a report released on Monday.