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For Jeremy Adams, a software engineer who lives in the San Francisco Bay Area, that score was a $400 Pottery Barn department store at NextDoor.
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And for Avital Chizhik-Goldschmidt, it was a $13,000 Roche Bobois sofa she got for free from a neighbor.
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The furniture resale market is having a moment. With people fleeing cities for more space in the face of coronavirus lockdowns, unemployed millennials moving back in with their parents and bored decorating taking the country by storm, thousands of people are selling their furniture, often for rock bottom rates. For drifters like Chizik-Goldschmidt, Adams, Hersh, and many others, the neighborhood trash is their last treasure.
“It’s like Black Friday every day where I can type in the furniture I want on Facebook Marketplace and buy it for 80 percent off,” Adams said happily. He renovates his apartment with used furniture sold by other engineers leaving the Bay Area. “I will probably never buy new furniture again.”
According to the company, Facebook, the social media giant’s portal for buying and selling used goods, has seen an increase in furniture activity in recent months. Furniture listings are up almost 100% since April.
On NextDoor, a local social networking service for neighborhoods, furniture sales increased 28 percent in August 2020 compared to the same time last year, the company said. Pieces from Ikea, Pottery Barn and Ashley HomeStore flood the show.
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At AptDeco, a furniture marketplace serving New York, New Jersey and Connecticut, furniture listings have nearly tripled since May, said Reham Fagiri, the company’s co-founder and chief executive.
All of this means a win for furniture buyers, but it’s not a win-win. In addition to the inevitable losses for sellers, sales at furniture companies may also be affected, as buyers turning to used furniture may abandon selling altogether.
Neil Saunders, retail analyst and managing director of GlobalData Retail, said: “If furniture sales continue to peak, it will further affect the retail sector of the market. Unlike fashion, where people buy a lot of clothes every year, furniture is rarely bought – so if you buy dining table through resale, you are unlikely to sell out of one dining table and buy another soon.. Retailer This is one of the reasons why players like IKEA are taking resale more seriously and starting to open new concepts as a pivot to their core business.
The used furniture market also reveals which brands do or do not have resale value—and some of the findings may surprise you.
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The coronavirus is causing city dwellers to flee their homes – and turn to the resale market to get rid of their furniture.
A large proportion of people who sell their furniture today are city dwellers who move to the suburbs and prefer more space and cheaper rent.
According to Realtor.com, during the second quarter of 2020, 51 percent of properties viewed in America’s most populous metro areas were in the suburbs. An economist at real estate firm Zillow said in July that 64 percent of homebuyers are looking at the suburbs — a stark difference from the 2010 U.S. Census, which showed eight in 10 Americans live in cities.
“A lot of our friends and neighbors left town because they were afraid of the pandemic, or they realized they needed more space when they were in quarantine and just desperate to get rid of their stuff,” said Chizik-Goldschmidt, who took it over. .delete His new furniture is from a fellow synagogue member in New York.
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Many have argued that the story of American cities facing an empty and apocalyptic future due to Corona is a huge exaggeration. But many of the city’s former residents say the pandemic has changed their perspective.
Check out this post on Instagram A post shared by AptDeco (@aptdeco) on Sep 14, 2020 at 7:23 pm.
Jessica Green, mother of 1-year-old twins and fashion retail associate, has been camping at her parents’ summer home in New Jersey since May. “Being trapped in a small flat with two children was terrifying,” she said.
Green, whose lease ends in October, decided to give up her Brooklyn apartment and is now selling all her furniture on Facebook Marketplace. Her wares include new pieces from AllModern and Room and Board, which she had to “sell for pennies.”
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“I didn’t want to deal with paid moves and I’m certainly not looking to pay for storage, so at this point, it’s not about making money, it’s about unloading,” Green said. “I’d rather just post things at a price people will buy.”
Greene joined a growing list of young people who have moved home during the pandemic due to financial or social hardship. In a September survey by the Pew Research Center, 52 percent of 18- to 29-year-olds reported living with their parents because of Covid-19. Before that, “the highest measured in the 1940 census was at the end of the Great Depression, when 48% of young adults lived with their parents,” according to the center.
Rebecca Davis recently left her Manhattan apartment after fleeing in March with her three children to her second residence in Florida. She convinced her landlord to kick her out of her lease and had three weeks to clear out her apartment, which was filled with furniture from Pottery Barn, CB2, Article and Wayfair.
“The hardest part was that I wasn’t on the ground, so I was really stuck selling everything for whatever people wanted to give me,” said Davis, who sold most of his items on Craigslist and Facebook Market.
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Many of the flyers were residents who live in cities with large tech companies, which drives up rents as a result. Now that many tech employers are allowing employees to work from home indefinitely, it’s hard to justify renting in the city.
But people are also purging and panicking, said Michael Solomon, a consumer psychologist and professor of marketing at the Erivan K. Haub School of Business at the University of St.
“It’s a kind of catharsis because it means people can start over, leave the city, not be stuck in the old life, and just get rid of things and make a positive change,” Solomon says. “Selling all your furniture can be about feeling like a restoration agency.”
Just as a natural sellers’ market emerged, so did buyers — not necessarily out of the same sense of panic, but out of a limited desire for home decor. What else will they do with their time?
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“You go to your nest – that’s what people do to feel safe,” Solomon said. Medically, politically, ecologically. “Nothing goes right, but people can decorate as a creative outlet that allows them to have some control, especially when they can’t control anything outside of your four walls.”
Victoria Lesina Smith, a research pharmacist at Cornell Medical Center and former Brooklyn resident, recently moved her family to New Jersey. She sells much of her furniture from West Elm, Pottery Barn and Anthropologie on Facebook Marketplace and LetGo, another resale marketplace.
“I got a lot of this furniture in my first apartment, and I felt like I grew out of that taste,” she said. “You want a clean slate with a new location, rather than drawing around the pieces.”
Consumers like Lesina Smith, who turned to redecorating during the pandemic, are helping home improvement companies as one of the few commercial bright spots in a dismal business environment. Home Depot’s May-July revenue rose 23 percent to $38 billion, up $30 billion from the same period last year. Lowe’s same-store sales rose 30 percent to $27 billion in the second quarter, compared to $21 billion in the second quarter of 2019.
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“People use their time at home to do projects and make the living and working spaces in their homes more comfortable and functional,” Saunders said. “When stimulus checks and increased unemployment benefits came out, many consumers used those funds to do things around the house, including decorating and remodeling.”
AptDeco CEO Fagiri said the company has seen various homeware segments rise and fall with Covid-19 trends.
“With phase 1 [corona], everyone said, ‘Let me get these things for use, like organizational products and bookshelves,’ and we saw that, because everyone realized that they were working from home and doing Zoom school for the long term. “People , who buy things to make their home and work more comfortable, like a desk,” said Fagiri. Now we see people replacing sofas and living room furniture
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