Urban Indians Stocking An Estimated INR 22,000 Crore Of Used Goods

“We are thrilled to be announcing the results of the First Annual OLX CRUST Survey and will be following it up with one every year. One of the key learning’s from CRUST 2013-14 is that people need to start thinking about the monetary value locked in their used goods. OLX has discovered this value to be huge. So definite and compelling is the potential of the used goods economy that OLX.in has decided to coin a term for the money locked in the used goods market and call it Brown Money.” said Amarjit Batra, CEO, OLX.in.

The study was conducted by IMRB International across 12 cities across the four regions of the country.  The research surveyed about 4800 consumers, chosen randomly across the age group of 19 - 60 years. The sample was a mix of users familiar and unfamiliar with the internet, and included regular and infrequent online shoppers, in order to arrive at an accurate assessment of the selling trends in urban India. “With a value conscious mindset, the older generation tends to extract maximum value out of the used goods.  However, the younger generation is less sentimental, and looks for faster product upgrade.  With product life cycles getting shorter, C2C classified companies need to target this mobile generation and provide the right environment and platform for C2C trading”, said Dipankar Sen, Associate Vice President at IMRB International.
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