Urban Indian households hoarding INR 56, 200 crores worth of unused goods: OLX CRUST Survey
CRUST is the first comprehensive research in India that estimates the size of the used goods market in India and examines key attitudes towards used goods.
CRUST 2014-15 was conducted across 16 cities in urban India and discovered that one-fifth of the goods being stocked in urban Indian homes have ceased to be relevant to them.
Last year CRUST estimated the market for used goods to be INR 22,000 Crore.
The survey results were announced in the presence of industry leaders and experts including Amarjit Batra, CEO, OLX India; Dhiraj Nayyar, Economist and CEO, Think India Foundation; Santosh Desai, MD & CEO of Futurebrands India Ltd.; Shiv Visvanathan, renowned social scientist, and Tara Sharma, actor and creator, co-producer, and host of the Tara Sharma Show. The expert panel shared their views on Unlocking Brown Money in Indian Households - The Power and Magic of Used Goods.
Amarjit Singh Batra, CEO, OLX India, said, “Before we instituted CRUST in 2013-14, there were only guess estimates on the size of the used goods market in India. CRUST for the first time put a figure on this market – INR 22,000 Crore in 2014, and INR 56,200 Crore in 2015 just in urban India. If we take the whole country into account, then this number will be much higher. At OLX we are committed to helping people unlock the money hidden in used items. From a country of scarcity, we are moving towards a country of abundance for at least some people. People are buying more, consuming more, and in the process wasting more. OLX helps people waste less through collaborative consumption and extending the life-cycle of the products.”
“As a brand, OLX aspires to positively impact the nation, the environment, and the lives of people. Brown Money has a favorable impact on personal finances and the overall economy. By helping goods find right homes, we are also ensuring greater utilization of products and less wastage. And by providing a platform for people to sell and buy used goods, we are managing to touch their lives by helping them fulfill their aspirations,” added Amarjit.
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