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 !
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.
