For a growing number of mindful millennials, “refurbished” doesn’t mean “low-grade” or “risky” anymore. It means a practical and planet-friendly way to save money on premium goods. Millennial shoppers don’t plan to sacrifice quality when buying refurbished items–particularly electronics–they plan to refocus their dollars on repurposed items that deliver the best of all worlds. By embracing refurbished, also known as restored, reconditioned, or remanufactured products, millennials find they can enjoy items that are better than new, as they are more sustainable and less expensive.
Refurbished Products are Better Than New
Millennials fall into different consumer categories according to research firm McKinsey, and nearly a quarter of them are quality-driven. Even for value-conscious millennials, one-third say they spend more than they should on purchases, compared to only 14% of baby boomers. Most millennials don’t have thousands of dollars of disposable income, but they’re loyal toward specific brands, care about being informed and are largely content with their purchases. These premium enthusiasts are highly educated and choose to buy refurbished. goTRG’s 2020 holiday survey showing nearly 53% of millennials considered buying refurbished gifts over new ones; a testament to that fact.
In the past, refurbished electronics were taboo because consumers widely mistrusted the industry. Today, millennials realize refurbished items are not flawed; in fact, some have never been touched. Many refurbished products have only been opened or used once before entering secondary resale market. In rarer cases, refurbished products might have previously had a minor malfunction, however, certified refurbishers only resell such items they can fully renew, sanitize, and restore free from imperfections.
Reputable refurbishers replace worn buttons, old batteries, and cracked screens to ensure products look and work as flawlessly as millennials expect. To be sure the product functions as it would off of the assembly line, resellers also use manufacturer-made replacement parts wherever possible. For example, goTRG’s certified electronics refurbishment outlet, TheStore.com, backs its refurbishment quality with a 1-year warranty on every device. Simply put, millennials know they can trust refurbished products from credible, certified resellers.
Refurbished Products are Sustainable for the Planet
Millennials may earn less, and hold fewer assets, but they’re highly educated about environmental sustainability issues and they’re pushing brands to align with their values of global responsibility. The planet is in the midst of a climate crisis, and millennials want to be part of the solution. That’s why 73 percent are willing to spend more on sustainable goods; the brands who align with sustainability are growing at a much higher rate.
Millennials realize the predominant economic consumption framework is dangerous for the planet. They realize that manufacturers are constantly producing new products and enticing consumers to prematurely throw out used items in place of the latest models. This produce/consume/(and) purchase cycle also creates a situation where retailers preemptively toss last year’s devices to make room for, higher-ticket items. If electronic gadgets go straight to landfills, they emit e-waste in the form of chemical toxins that pollute the water and air. As a result, the Global E-waste Monitor estimates e-waste production will rise to over 50 million metric tons by the end of this year.
Certified refurbishers give social and eco-consciousness millennials the chance to break the cycle by shopping ethically without sacrificing brand loyalty, quality or budget. Why buy a brand-new laptop when they can purchase a gently used refurbished model instead?
Refurbished Products are Wallet-Friendly
Millennials, who account for nearly a quarter of the US population, will spend more for quality, but they’re also not shy about grabbing a deal if they don’t have to sacrifice look or function. Millennials are saddled by heavy student loan debts, growing rent costs, and less savings than previous generations. They need a break from department stores and big box chains’ inflated prices on brand-new items. goTRG’s recent survey results emphasize that fact: As soon as respondents realized they could save at least 20% by shopping refurbished, 33% more millennials said they’d consider such items.
Fortunately, certified electronics refurbishers provide an extensive selection of top brands in tech like Apple and Samsung at deep discounts up to 70% off. Millennials know they can buy pretty much any electronic category refurbished, from laptops and tablets to TVs and digital cameras. Many know they’ll also receive manufacturer-grade warranties – a compelling value proposition for this debt-ridden age group.
Thanks to the perfect storm of low budgets, sustainability concerns, and value-driven priorities, millennials are more than willing to give this previously stigmatized industry a try. By purchasing refurbished products, millennials help reduce unnecessary waste and drive the economy forward into a more sustainable future. Fortunately, by 2025, millennial spending power will surpass baby boomers and Gen Xers combined. It’s a new day for refurbished tech in 2021, and goTRG is thrilled that millennials are leading the way.