UK consumers are set to spend over £2bn on pre-loved gifts this Christmas, reflecting a rising trend.
- Research indicates that secondhand items will comprise 10.2% of the Christmas gift market.
- Younger consumers, aged 18-45, are the main drivers, with frequent secondhand purchases.
- Cost savings and environmental concerns are primary motivators for buying secondhand.
- Retailers see growth in secondhand sales across various product categories.
This Christmas, UK shoppers are projected to spend a substantial £2.05bn on pre-loved gifts, as indicated by recent research from Vinted and Retail Economics. The growing acceptance of secondhand items signifies a notable shift in consumer behaviour.
Secondhand gifts are expected to make up approximately 10.2% of the overall UK Christmas gift market. Younger consumers, particularly those aged 18 to 45, are at the forefront of this movement. A majority within this age group, 53%, engage in purchasing secondhand items at least monthly.
The appeal of pre-loved gifts lies significantly in their cost-effectiveness. Among those surveyed, 54% cited cost savings as a major reason for opting for secondhand gifts. Environmental considerations also play a role, with 29% of shoppers buying secondhand to lessen their ecological footprint.
An overwhelming 84% of surveyed shoppers plan to allocate part of their Christmas gift budget to secondhand items. Furthermore, past behaviours indicate a solid foundation for this trend, with 63% having previously purchased pre-loved items for Christmas and another 63% open to receiving such gifts.
Pre-loved items are gaining popularity across a variety of categories, including books, music, and luxury goods. The credibility of secondhand luxury goods has been enhanced by services like Vinted’s, which authenticate designer products through expert verification. Adam Jay, Vinted’s CEO, encourages considering secondhand gifts as viable options, emphasising their value without compromising on the spirit of giving. Richard Lim, CEO of Retail Economics, notes that factors such as the cost-of-living crisis and environmental awareness are propelling this growth, with expectations of continued expansion into 2025.
The trend towards secondhand shopping in the UK reflects a shifting landscape in consumer priorities, driven by economic and environmental factors.
