Rs 78,300 Crores Worth of Used Goods Stocked Away in Indian Homes : OLX

Indians stock a whopping Rs 78,300 Crores equivalent of Brown Money!

OLX has launched OLX CRUST report that estimates the size of the unused goods market in India and examines key attitudes towards unused goods.

While conceiving the first CRUST Survey in 2013-14, OLX coined the term ‘Brown Money’ to represent the value locked in unused goods gathering dust in homes.

According to the third edition of the survey conducted by IMRB (Indian Market Research Bureau) across 16 cities, Indians stock a whopping Rs 78,300 Crores equivalent of Brown Money. Last year CRUST estimated this figure to be Rs 56,200 Crore.

This amount is so huge that it can fund Government of India’s ‘Swachh Bharat Abhiyan’ eight times over !

OLX-India-Clutter

Unused Items

The report further concludes that on an average every Indian household is stocking 12 clothing items, 14 kitchen utensils, 11 books, 7 kitchen appliances, 2 mobile phones and 3 watches.

The CRUST Survey also suggests that stocking of goods continues to rise. India has a 90% stocking incidence rate, up 3% from the last year. The report citied the age-old excuse of ‘I’ll use it one day’ as one of the key motivators to stock goods.

On the flipside, selling of goods has 49% incidence rate in India, up 4% from last year. The report claims that 27% respondents who engaged in selling of goods cited ‘boredom’ as a factor, especially for mobile phones which has emerged as a cluttered category in 2016.

Sign Up for NextBigWhat Newsletter

Daily.

You May Also Like

Indian-origin investment advisor to be sentenced for committing $9 Million FB Stock Fraud

Gignesh Movalia pleaded guilty before US Magistrate Judge Anthony Porcelli, the Middle District of Florida, to one count of investment advisor fraud. Founder and manager of OM Global Investment Fund, Movalia began soliciting investments in 2011 by touting access to IPO shares of Facebook, and admitted to allegations including using $9 million for “side-pocket” investments.

Zoho Docs – Finally!

Zoho has finally stitched all it’s office offering under a common application called Zoho docs. Zoho docs enables users to manage documents centrally (which otherwise are scattered all over the…