The cost of living crisis has “boosted” the secondhand industry, Sky News has been told, as more than £2bn is spent on pre-loved gifts this Christmas.
Adam Jay, CEO of Vinted Marketplace, said the “trend” in buying pre-loved was “happening anyway” but described rising costs elsewhere as a possible “accelerator”.
“I’m sure the cost of living crisis has been a boost,” he told Sky News, adding that it had supported “the secondhand industry and trading of secondhand”.
“But I do think this trend was happening anyway because of people’s consciousness around overconsumption, around sustainable buying and sustainable consumption.
“I think all of these have I think these are deep trends and I think they’re trends that are here to stay. I really think secondhand can become the first choice ultimately,” he said.
Vinted, an online marketplace for buying and selling pre-owned items, made its first annual net profit last year of €18m (£15m).
The company’s revenue also rose by 61% year on year amid a rise in demand for secondhand goods.
The Vinted boss’s comments come as more than £2bn is expected to have been spent buying pre-loved gifts this Christmas.
A report by Vinted and Retail Economics found that secondhand shopping will account for just over 10% of all gift spending.
More than four in five people also said they might spend some of their budget on pre-loved gifts this year.
Vicky Saynor, from Hertfordshire, has bought all of her Christmas gifts secondhand, with a total budget of £150.
Vicky Saynor, from Hertfordshire, bought all her Christmas gifts secondhand
“This year I said, that’s it – it’s only secondhand or they’re not getting anything,” she said.
She has spent £20 on each of her children and believes she will have…
