Urban households have used goods worth Rs 56,200 crore: OLX

Urban families in India are estimated to have over Rs 56,200 crore worth of used goods like clothing, utensils and books, a study by used goods marketplace OLX said.

According to its 'Consumer Research on Used Goods and Selling Trends (CRUST) Survey 2014-15', the estimated market for used goods was about Rs 22,000 crore last year.

"Metros and tier I cities contribute 60% of the total value of Rs 56,200 crore. On an average, each urban Indian home is stocking an estimated Rs 8,400 worth of used goods," OLX CEO Amarjit Batra told reporters.

This figure is as high as Rs 19,500 in tier I cities, he added.

Clothing, kitchen utensils and books are the most stocked items with 40 per cent, 34 per cent and 27 per cent households stocking them, respectively.

North India topped the selling chart with 48 per cent households doing so, the Eastern part led stocking with 97 per cent and the West is terms of buying used goods.

About 83% Delhi households have unused items lying at home while Kolkata residents seemed most eager to sell their used goods.

"The key reason for stocking remains to be a wish to use these goods at a later date. On the other hand, the wish to upgrade to better products triggers about 51 per cent of the respondents to sell," he said.

The study covered 16 cities with 5,800 samples.