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High-Income Consumers Embrace Secondhand Purchases
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High-income consumers are defying stagnant wages and rising prices by purchasing secondhand products, with 43% of consumers doing so in 2023. The trend is driven by changing consumer behavior, particularly among younger and more affluent individuals. Resale initiatives face challenges, while REI's online sales surge by 100% compared to the previous year.
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How might the increasing trend of high-income consumers purchasing secondhand products impact the traditional retail industry?
In what ways could the success of REI's online business influence the future of online retail and consumer behavior?
What strategies can resale initiatives employ to overcome the challenges they face in the face of growing demand for secondhand products?
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