"Whether consumer goods like electronics, durables or automobiles, used cars, or the industrial machinery in the capital goods sector, the options of retrofitting and re-usage are being considered more actively than ever before," Assocham Secretary General D S Rawat said.
Buying a used car? check prices
"High interest rates, risk aversion and subdued investment appetite have led to this state of second hand culture," he said quoting the study.
Moreover, the rise in income is not commensurate to the rise in aspirations, leading consumers to buy products from the second-hand market to fill the gap, the study said.
At present, the country's second-hand (used goods market) is worth an estimated Rs 80,000 crore, which includes the automobile segment as well.
Nearly 45 per cent of the respondents covered in the study said buying second-hand goods from reliable platforms is worthwhile as needs have multiplied but income hasn't risen accordingly.
However, most dealers across major cities said sales of second-hand products like refrigerators, ACs and washing machines are definitely lower as compared to the past couple of years.
After automobiles, textbooks are the most sought after in the second-hand segment, constituting 25 per cent of the 'for-sale' listings on OLX, an online classified site, the study said.