Global consumer spending growth exhibited some resilience in the second quarter of 2024. However, the latest PMI data shows a deceleration in the rate of expansion in the output of consumer-oriented sectors. For example, the U.S. recorded a decline in manufacturing activity for the fourth consecutive month in July, hitting an eight-month low. Amid sticky inflation and elevated interest rates, consumers are turning to the pre-owned and refurbished goods market. Affordability is a factor driving this trend, as second-hand and refurbished items often come at a fraction of the cost of new ones. Th…