It’s beginning to look a lot like “thrift-mas” as UK consumers are set to spend over £2 billion on second-hand gifts this festive season.
That’s according to a new ‘Recommerce 2024’ report by resale platform Vinted and Retail Economics, which says 84% of consumers are likely to spend a proportion of their shopping budget on pre-loved Christmas gifts this year.
Second-hand will account for over 10% of all gift spending, with shoppers set to spend £20.5 billion on gifts in total.
Shoppers aged 18-45 are driving demand for second-hand, with 53% of those under 45 buying second-hand items once a month or more.
A majority 54% of consumers are comfortable buying second-hand clothing gifts. Across the categories, consumers are equally comfortable receiving second-hand gifts, with 62% keen to receive second-hand luxury items and brands.
Other key findings in the report include:
- Shoppers are planning to increase how much they buy second-hand – 35% expect to buy more over the next five years. That rises to 43% of those aged 25-34.
- The desire to save money and the ability to find rare or unique items is driving demand for second-hand gifts, with shoppers appreciating the lower prices and uniqueness of pre-loved items.
- Consumers are also selling their own items to fund this year’s festive gift shopping, with 43% selling items on platforms such as Vinted to fund their gift buying.
- The categories where shoppers are most comfortable buying second-hand gifts include luxury items and designer brands, books and music items.
- A majority of shoppers are also comfortable receiving second-hand gifts, with 63% saying they would be comfortable receiving a pre-loved item.
Second-hand gifting is growing but is not entirely new, as 63% of shoppers have bought pre-loved items as Christmas gifts at some point in the past, rising to 79% of those aged 25-34.
Adam Jay, CEO at Vinted Marketplace, said: “The research shows clearly that second-hand is growing in popularity as a way to gift and this is very encouraging. Using a second-hand platform like Vinted is a fun and accessible way to find unique gifts while making a better choice for the planet, your wardrobe and your wallet.”
Richard Lim, CEO at Retail Economics, added: “With second-hand shopping continuing to increase in popularity, we expect to see further growth in sales across multiple categories as consumers continue to reap the benefits.
“The cost-of-living crisis, environmental concerns, and the increase in accessibility of second-hand items are all contributing to second-hand’s growth, and consumers are likely to continue embracing this space into 2025.”
The desire for rare and unique items is driving second-hand gifting, as well as its ability to save consumers money and help them stick to a budget. 73% of the shoppers surveyed would buy second-hand for someone if they found a unique item, and 71% if they found something high quality.
