Vinted and Retail Economics’s research report has revealed that UK-based customers prefer second-hand product purchases for festive season gifting. The report titled Recommerce 2024 Report further disclosed nearly 84 per cent of buyers are likely to allocate part of their budget to pre-loved Christmas gifts.
A substantial 54 per cent of consumers expressed comfort in purchasing second-hand clothing gifts, while 62 per cent indicated a willingness to receive pre-owned luxury items and designer brands.
The market for pre-owned goods is witnessing a significant growth in the recent years. Luxury goods and designer labels emerged as the most sought-after categories in the second-hand market.
The factors responsible for this shift majorly include the urge to own rare or unique luxury items without denting the pockets and the festive season is likely to further fuel its growth.
While the trend for pre-loved luxury is on the rise, it is not entirely a new phenomenon. In the previous year, 63 per cent of the buyers bought pre-loved items as Christmas presents. This year the market grew to 79 per cent, largely among the age groups of 25 to 34.
A portion of the buyers, aged 18 to 45 also expressed their willingness to indulge in second-hand purchases at a higher rate in the coming 5 years. Among them, 53 per cent said they make second-hand purchases once a month.
Retail Economics CEO Richard Lim said that the rise in popularity of second-hand goods will result in increased sales across categories as consumers continue to reap the benefits.
Vinted Marketplace CEO Adam Jay also said that the purchase of second-hand items “doesn’t diminish the spirit of giving”. Jay further said the research evidently shows the growing popularity of second-hand gifting and the rise of second-hand purchase platforms like Vinted.
