Panasonic Dives into Pre-owned Appliances Market

Apr 11, 2024 | News On Japan

TOKYO - Panasonic has announced its full-scale entry into the second-hand home appliances business, a move driven by rising prices and a growing thrift-conscious consumer base. Here's a closer look at the initiative.

Selling at Roughly 20% Less, with a One-Year Warranty

According to Kaze Kumaaki, Panasonic has been repairing and selling appliances returned immediately after sale due to defects since December 2023, including drum-type washing machines and 4K OLED TVs.

From April 10, 2024, the range of products will expand to include refrigerators, portable TVs, recorders, and digital cameras. By September (tentatively), microwaves and rice cookers will also be added, with dryers already offered through subscription services.

The process for refurbishing a drum-type washing machine, for example, involves checking the exterior and accessories for any damage or defects, cleaning, and operational checks for anomalies or leaks, followed by thorough cleaning before sale.

Kumaaki explains that the products will be sold at a reduced price with a one-year warranty, available on Panasonic's e-commerce site and through subscription services. Prices will be set based on the product's condition, with refrigerators and washing machines offered at approximately 20% less than new items, although prices may vary depending on the product.

The Booming Reuse Market Expected to Reach 4 Trillion Yen by 2023

The reuse (second-hand) market is on the rise. According to estimates by "Reuse Economy News" as of September 2023, the market has been growing since 2014, reaching 2.8976 trillion yen in 2022. It is projected to hit 3.25 trillion yen by 2025 and 4 trillion yen by 2030.

In this burgeoning market, various items are entering the reuse market.

Akihiro Nomura, Director of Free Standard, commented, "The popularity of flea market apps has significantly reduced resistance to second-hand goods. The 'official' stamp of approval also reassures customers, making them feel safe to purchase."

With over 50 brands offering official second-hand sales and rentals, many items are sold at about half the price of new ones. For example, a Staub pot made in France, which costs about 40,000 yen new, can be found for about 20,000 yen second-hand.

Source: TBS

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