Growth of Korea's Second-Hand Market and Major Platform Analysis
- The Dr.K
- 2 hours ago
- 3 min read
In recent years, Korea's second-hand market has rapidly expanded, significantly influencing consumer trends and the overall economic landscape. Amid rising prices, economic downturns, and growing environmental awareness, second-hand trading has evolved beyond mere “frugality” into a new lifestyle choice.With smartphones in hand, anyone can now easily participate in second-hand transactions, and the emergence of location-based platforms and diversified services is making the market even more vibrant.
Today, let’s explore the current state and growth drivers of Korea’s second-hand market, focusing on the leading platforms: Danggeun Market, Bungaejangter, and Junggonara.
1. Growth Drivers of Korea’s Second-Hand Market
The Korean second-hand market began to grow rapidly in the mid-2010s, driven by several key factors:
Economic Recession and Reduced Consumer Spending: Continued economic instability has led consumers to prioritize reasonable and cost-effective consumption, positioning second-hand trading as a smart alternative.
Smartphone Penetration and Mobile Payment Adoption: The widespread use of smartphones and the development of convenient payment and delivery services have made second-hand transactions more accessible than ever.
Environmental Awareness and Sustainability Trends: As eco-conscious consumption gains social support, second-hand trading is increasingly seen as an ethical and sustainable choice.
Strengthening of Community Features: Second-hand platforms have evolved beyond simple product exchanges, becoming local communities that support hobbies, part-time jobs, real estate listings, and neighborhood interactions.
2. Comparison of Major Second-Hand Platforms in Korea
Let’s take a closer look at the three key players in Korea’s second-hand market: Danggeun Market, Bungaejangter, and Junggonara.Each platform has a distinct competitive edge and solid market positioning.
Category | Danggeun Market | Bungaejangter | Junggonara |
Total Subscribers | Approx. 43 million (as of 2024) | Approx. 22 million (as of June 2024) | N/A |
Monthly Active Users (MAU) | Approx. 20 million | Approx. 2.8 million | Approx. 910,000 |
Market Share | 57.7% app usage rate (June 2024) | 8.4% app usage rate (June 2024) | 5.9% app usage rate (June 2024) |
Key Features | Local-based trading, hyperlocal community, ad-driven revenue, global expansion | Fast direct trading, Bungae Pay, luxury inspection, MZ user base | First-generation platform, secure payment, AI inspection, B2C seller focus |
2024 Performance | KRW 189.1 billion in revenue, KRW 37.6 billion in operating profit | KRW 44.9 billion in revenue, KRW 19.6 billion in operating loss | KRW 11.1 billion in revenue, KRW 2.1–3.8 billion in operating loss |
Future Strategy | Strengthening hyperlocal communities and global expansion | Focusing on fast transactions, targeting Millennials and Gen Z, and expanding safe payment services | Transitioning to a B2C model and enhancing AI-driven secure transaction systems |
3. Outlook for Korea’s Second-Hand Market
Market Size: KRW 35 trillion in 2023 → KRW 40 trillion in 2024 → KRW 43 trillion projected in 2025
Sustained Growth Drivers: Continued inflation and eco-conscious consumption are expected to accelerate market growth.
Platform Competition: Service differentiation will intensify among platforms.
Technological Advancements: Safe payment systems, premium product inspections, and AI-powered transaction recommendations will rapidly evolve.
Each platform’s future is clearly defined:
Danggeun Market: Focuses on strengthening hyperlocal communities and expanding globally.
Bungaejangter: Targets Millennials and Gen Z with fast transactions and robust safe payment systems.
Junggonara: Shifts toward B2C sellers and advances AI-driven secure transactions.
As platforms continue to innovate, competition will likely center on creating more user-friendly, trustworthy trading environments.
4. Conclusion
Korea’s second-hand market has grown beyond simple product exchanges—it now embodies local communities, sustainable consumption, and lifestyle curation.
Leading platforms like Danggeun Market, Bungaejangter, and Junggonara are shaping consumer behavior with their unique approaches and are expected to continue evolving through innovative services and global expansion.
Second-hand trading is no longer about the “old.”It’s a new culture of smart, sustainable consumption.
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