Refurbished electronics have officially crossed a psychological—and commercial—threshold. Back Market closed 2025 with more than $3.5 billion in global gross merchandise value (GMV), up 32% year over year, marking one of the strongest signals yet that recommerce is no longer a side bet in consumer tech.

The company also delivered its largest Black Friday ever, posting 41% year-over-year growth during the period, further underscoring that refurbished devices are becoming a default consideration, not a last resort.

“These numbers matter because they show refurbished is no longer a fringe or experimental category,” said Thibaud Hug de Larauze, co-founder and CEO of Back Market. “It works as a disciplined business model, at scale, across markets.”

That statement carries weight in a consumer electronics industry long built on rapid upgrade cycles and planned obsolescence. Back Market’s results suggest the model is bending—and possibly breaking.

From Bargain Hunting to Deliberate Choice

Back Market’s 2025 growth wasn’t driven by a single breakout product or market. Instead, it reflects a deeper behavioral shift: repeat purchasing, broader category adoption, and rising trust in refurbished devices beyond smartphones.

Laptops, tablets, gaming consoles, and audio products all gained traction as consumers increasingly opted for last-generation, proven devices instead of the latest releases. The decision is less about compromise and more about value optimization—paying less for hardware that’s already validated in the real world.

This trend mirrors a broader change in how people evaluate technology. Performance improvements between hardware generations have slowed, while price increases have not. In that context, refurbished becomes a rational default rather than a budget fallback.

Europe Shows What “Mature” Looks Like

Europe remains Back Market’s most mature region—and its most instructive one.

In markets like France, where Back Market launched more than a decade ago, refurbished electronics are already normalized. Device replacement cycles are longer, consumer expectations are clearer, and trust infrastructure—warranties, grading standards, returns—has been fully established.

France delivered 35% EBITDA margins, and Back Market has now reached EBITDA break-even at the global level, a milestone that distinguishes it from many growth-first marketplaces still chasing profitability.

Europe, in effect, functions as a living case study for how the refurbished category behaves once it exits its adolescence. Growth becomes steadier, margins improve, and refurbished becomes less about thrift and more about system efficiency.

The U.S.: Earlier, Faster, and Catching Up

The United States tells a different story—one that may be even more consequential.

While still earlier in its adoption curve, the U.S. is now emerging as one of Back Market’s largest markets by GMV. In 2025, core U.S. test markets grew more than 40 percentage points faster than the company’s broader average, signaling the start of an acceleration phase.

That gap suggests pent-up demand rather than temporary tailwinds. American consumers have historically been slower to embrace refurbished electronics, often equating “new” with “better.” That assumption is eroding.

Back Market believes this shift is structural, not cyclical—and the company’s data increasingly supports that view.

Software Eats Hardware (Again)

One of the most compelling explanations for refurbished’s rise has little to do with sustainability messaging or inflation—and everything to do with how technology now evolves.

As AI systems, cloud platforms, and software-defined features become the primary engines of innovation, hardware is playing a different role. Devices are less about raw compute leaps and more about serving as durable access points to intelligence delivered elsewhere.

“The argument is not that devices matter less,” said Joy Howard, Chief Marketing Officer at Back Market. “They matter differently.”

When performance, security, and intelligence are delivered through the cloud, longer device lifespans become a feature, not a flaw. Frequent hardware replacement starts to look inefficient rather than aspirational.

This reframing quietly undermines the logic of annual upgrade cycles—and creates fertile ground for refurbished marketplaces.

Changing U.S. Consumer Behavior, by the Numbers

Back Market’s internal data shows that this shift is no longer theoretical in the U.S.:

• Older, proven models consistently outperform newer releases on the platform

• Non-smartphone categories now account for ~40% of U.S. GMV

• Nearly 50% of Gen Z consumers say their next smartphone will be refurbished

That last data point is particularly telling. Gen Z’s relationship with technology is pragmatic rather than status-driven. Performance, price, and longevity matter more than novelty—and refurbished fits neatly into that value system.

For brands and manufacturers, this raises uncomfortable questions about future demand curves.

Implications for the Device Economy

Back Market’s growth doesn’t exist in isolation. It reflects mounting pressure across the entire device ecosystem:

• OEMs face longer replacement cycles and weaker incentives for marginal hardware upgrades

• Carriers must rethink subsidy and trade-in strategies

• Retailers are forced to acknowledge recommerce as a parallel, not secondary, channel

• Policymakers increasingly view refurbishment as both an economic and environmental lever

The refurbished market challenges the idea that growth must come from producing more devices. Instead, it suggests growth can come from using existing devices better, longer, and more efficiently.

What’s Next: From Marketplace to Movement

Looking ahead to 2026, Back Market plans to deepen its engagement with industry leaders, partners, and policymakers, positioning itself not just as a marketplace but as a convener in the evolving device economy.

This includes participation in global forums like Mobile World Congress, where discussions will focus on how AI, cloud infrastructure, and durability are reshaping assumptions about hardware value.

“Globally, refurbished already works,” Hug de Larauze said. “The next chapter is about how quickly the U.S. catches up.”

If 2025’s numbers are any indication, that catch-up phase may already be underway.

The Bigger Takeaway

Back Market’s $3.5B year isn’t just a financial milestone—it’s a signal.

Refurbished electronics have crossed from alternative to inevitable. As innovation migrates up the stack and economic logic favors durability over novelty, recommerce is becoming a core pillar of the tech industry’s future.

For a sector long addicted to the new, that may be the most disruptive development of all.

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