With the cost-of-living crisis raging, a major new study by Gumtree has valued Britain’s booming secondhand economy at a whopping £10 billion.
It comes as cash-strapped Brits strive to save both their money and the planet.
Selling pre-loved items had become quite a popular trend over the years and it looks it it could be handy side hustle, as Brits can make nearly £200 from unwanted clutter.
So what are the top items that Brits have purchased secondhand?
Secondhand economy valued at £10 billion amid cost-of-living crisis
With more than half the nation (52%) stating they are under significant financial pressure and 59% looking at ways to make money beyond their day job, selling pre-loved possessions could be a handy side hustle.
Especially since each household could make £186 on average from items they no longer use!
The online selling website Gumtree’s first Circular Economy Report has quizzed 5,000 participants and uncovered some eye-opening stats on the secondhand economy.
They revealed that just under one in five adults (18%) could earn between £226 and £500 from their unwanted objects, with the average person having 56 possessions lying idle in their home.
So what are the best secondhand items to sell?
Entertainment items like DVDs, music, films, books and games are most often bought and sold secondhand by savvy Brits.
This is followed closely by clothes, shoes and accessories.
Secondhand economy effective way of reducing waste
The stats also found that buying secondhand is now bang on trend, with just under half (49%) of respondents planning to buy more pre-loved items in future.
But the growing popularity of ‘recommerce’ is not only driven by money saving and a hunt for bargains.
Many also see it as a way of reducing waste.
Nearly half of green-minded people (45%) agreed that taking part in the secondhand economy is an effective way of becoming more sustainable.
So why do people sell secondhand?
The three top reasons for selling were giving items a second life (57%), decluttering (52%) and saving items from landfill (49%).
Kate Hardcastle, MBE, business expert and broadcaster, is pleased attitudes are changing.
She claimed: “It is great to see how shopping secondhand is no longer seen as something to be ashamed of. In fact, saving money, items from landfill and as a result, the planet, is fast becoming a badge of honour.”
Encouraging everyone to get involved, she advises new sellers to market their objects with a photo and some well-chosen words.
“All you need is an unwanted item, a picture and to give your item a story the next owner can invest in,” she said.
Where can I find things to sell?
According to the study, the wardrobe might be a good place to find something to sell, since the average person was found to have six unwanted items of clothing.
People also hoard six unneeded objects in the films, music and books category on average.
They also have at least three unused video games or consoles cluttering up their homes.
Meanwhile, mobile phones stashed away in a cupboard could also be worth investigating.
The stats revealed that 17% of people are planning to sell them off, while another 15% are looking to sell outgrown baby and children’s gear.
Many people will already have bought or sold some secondhand items.
The report found more than a third (38%) are members of local neighbourhood groups, either digitally or in person, that post unwanted items to sell or give away.
This figure rose to 45% in the group trading hotspots of Birmingham and Bristol.
Meanwhile Manchester has 41% or people involved in this thriving secondhand scene and London has 40%.
Southampton is also above average on 39%.
Hannah Rouch, chief marketing officer at Gumtree said: “Gumtree has been committed to a recommerce since its launch in 2000. It enables communities to share more and waste less and building a culture of conscious consumerism.
“Our report shows that the public are now taking matters into their own hands. Whether that’s to protect the pennies or the planet, the world of recommerce is well and truly hitting the mainstream.”
Top items Brits purchase second-hand:
Entertainment – 37%
Clothes, Shoes & Accessories – 31%
Home & Garden – 20%
Video Games & Consoles – 19%
Phones & mobile phones – 17%
Read more: Cost-of-living crisis: Brits forced to act as they cut weekly budget to a third
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