Carousell Group released its inaugural Circular Economy Impact Report showing that buying and selling secondhand items is a better choice for the planet compared to traditional retail of buying new items.
The report quantifies the Avoided Carbon Emissions due to users purchasing secondhand items on three of the Groups’ marketplaces, in place of a new item.
Key findings of the Circular Economy Impact include:
- Carousell Group’s user community avoided 116,577 tonnes of carbon emissions in four goods categories (Fashion & Luxury, Electronics, Furniture & Home Living and Hobbies & Toys) in 2022
- Equivalent of around 76% of total trees in Singapore absorbing CO2 per year
- Almost 56% of purchases on the Carousell marketplace displaced the purchase of a new item
- On average across Carousell marketplace’s six key markets, 55% of surveyed users reported an increase in buying and selling of secondhand items in 2022 as compared to 2021
Ms Namrata Sandhu, Co-founder and CEO, Vaayu, European climate tech company said, “Retail is responsible for 25% of global carbon emissions and with research continuing to show we’re not on track to keep global warming below 1.5C, we’re at a critical inflection point.
“Circular business models, like recommerce, offer a clear path to reducing retail’s impact on our planet, which is why we are so proud to partner with Carousell Group to quantify its climate impact and empower communications with its users.”
Besides the quantification of Avoided Emissions, the report also underscores the significance of every individual transaction in contributing to the overall circular economy impact. For instance, buying a secondhand sofa on Carousell can, on average, save up to 131 kg of Co2e, the equivalent of almost six trees absorbing Co2 per year.
As part of Carousell Group’s goal to accelerate the future of secondhand through recommerce, the Group’s marketplaces have been rolling out a variety of recommerce programmes and features across multiple platforms and markets this year. Mr Quek Siu Rui, Co-founder and Chief Executive Officer, Carousell Group said, “With the release of the report, we hope more people realise how easy it is to embrace secondhand as a lifestyle and contribute to a greener world, without compromising on the things they enjoy.”
