As the festive season approaches, secondhand gifts become increasingly popular among UK shoppers.
- Research reveals a predicted £2.05 billion spend on pre-loved gifts this Christmas.
- Secondhand items are expected to comprise 10.2% of the total Christmas gift market.
- Cost savings and environmental concerns drive the shift towards secondhand shopping.
- Platforms are bolstering consumer confidence in purchasing pre-owned luxury goods.
UK shoppers are forecasted to spend over £2 billion on secondhand gifts this Christmas, highlighting a significant shift in purchasing behaviour. New research from Vinted and Retail Economics indicates that pre-loved items are gaining traction, particularly among the 18-45 age demographic, who are inclined towards sustainable shopping choices.
Secondhand gifts are projected to make up 10.2% of the total UK Christmas gift market, marking an increase in the popularity of pre-owned items. More than half of the consumers aged 18-45 engage in secondhand shopping at least once a month, reflecting a growing trend towards thrifty and eco-friendly purchases.
A notable 84% of surveyed consumers expressed the likelihood of allocating part of their Christmas budget to pre-loved items. This trend is supported by past shopping habits, as 63% had previously purchased secondhand gifts, with an equal percentage open to receiving them.
The primary motivator for this surge in secondhand shopping is cost savings, cited by 54% of consumers. Environmental impact is also a significant factor, with 29% motivated by the desire to reduce their ecological footprint through sustainable shopping practices.
Consumers are increasingly comfortable buying pre-loved items in various categories, including books, music, and luxury goods. This trend is supported by the availability of item verification services offered by platforms like Vinted. Adam Jay, Vinted’s chief executive, emphasised that gifting secondhand items aligns with the spirit of giving, ensuring thoughtful yet economical choices.
Richard Lim, Retail Economics chief executive, notes the ongoing popularity of secondhand shopping, predicting continued growth across multiple categories. He attributes this trend to the cost-of-living crisis, environmental concerns, and the improved accessibility of secondhand items. Consumers are expected to embrace this space well into 2025.
The secondhand market is poised for continued growth as consumers increasingly value cost-effective and eco-friendly shopping options.
