Shoppers to spend two billion pounds on secondhand gifts this Christmas

The secondhand market has already taken precedence over consumer priorities in recent years, and it seems that even into the festive season, the sector will continue to enjoy a favourable environment. In fact, according to new research by Vinted and Retail Economics, UK consumers are expected to spend over two billion pounds on secondhand gifts for the period, with such products anticipated to account for over 10 percent of all gift spending.

The duo, which published the findings in their ‘Recommerce 2024 Report’, revealed that secondhand gifting was seen as a popular mode of spending for the holiday season, with 84 percent of shoppers stating that they were likely to spend a proportion of their budget on pre-loved Christmas gifts.

In terms of categories, luxury items and designer brands were cited as some of the products consumers were most comfortable purchasing secondhand. A total of 54 percent of consumers said they were comfortable buying secondhand clothing gifts, while 62 percent said they were keen to receive secondhand luxury items and brands. Saving money and the ability to find rare or unique items were said to be further driving demand for the sale of pre-loved goods.

Luxury items and designer brands among most ‘comfortable’ secondhand purchases

Secondhand gifting is not an entirely new concept, yet Vinted’s report did show evidence that it was still growing. While last year, 63 percent of shoppers bought pre-loved items as Christmas gifts, this year the figure rose to 79 percent of those aged 25 to 34.

On a more general note, over a third of shoppers stated that they were planning to increase how much secondhand they buy over the next five years. This was particularly prominent among shoppers aged between 18 to 45, with 53 percent of this group said to be buying secondhand items once a month or more.

In a statement, Richard Lim, CEO at Retail Economics, commented on this growth, noting: “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.”

In his own commentary, Vinted Marketplace CEO, Adam Jay, reaffirmed that buying secondhand “doesn’t diminish the spirit of giving”. He continued: “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.”