Purchasing secondhand items as gifts is becoming increasingly popular across the UK during the festive season.
- Research by Vinted and Retail Economics forecasts a £2.05bn expenditure on pre-loved gifts this Christmas.
- Secondhand items are expected to represent 10.2% of the entire UK Christmas gift market for 2024.
- Younger consumers, aged 18-45, are leading this trend, buying used items regularly to save costs and embrace sustainability.
- The cost-of-living crisis and environmental awareness are pivotal factors in the rising trend of pre-loved gift giving.
The growing popularity of secondhand gifts in the UK is transforming holiday shopping habits, as consumers become more mindful of their expenditures and environmental impact. According to a joint study by Vinted and Retail Economics, UK shoppers are anticipated to spend £2.05bn on secondhand gifts this Christmas season, which marks a significant rise in the appeal of pre-loved goods. Pre-loved gifts are expected to account for approximately 10.2% of the total UK Christmas gift market for 2024, showcasing a shift towards more sustainable gifting options among consumers.
Younger demographics, particularly those aged between 18 and 45, are at the forefront of this shift. More than half of the individuals in this age bracket purchase secondhand items at least monthly, highlighting a trend driven by financial prudence and ecological considerations. Furthermore, around 84% of surveyed consumers expressed a likelihood to allocate part of their holiday budget to pre-owned gifts, underlining the increasing acceptance of such items within gift-giving traditions.
Historically, 63% of people have already opted for pre-loved presents in past Christmases, indicating a long-standing comfort with secondhand shopping. The same proportion shows openness to receiving secondhand gifts, suggesting that giving and receiving such items is becoming a norm rather than a novelty. Among the reasons identified for this trend, cost savings rank highest, cited by 54% of participants, while 29% of respondents acknowledged the reduction of environmental impact as their motivation for shopping secondhand.
The expanding variety of pre-loved products, ranging from books and music to luxury items, demonstrates growing consumer confidence in the quality and authenticity of secondhand purchases. Notably, Vinted’s item verification service plays a crucial role in this regard, ensuring the genuineness of pre-loved luxury goods, thus reinforcing trust in secondhand marketplaces.
Industry experts like Adam Jay, Vinted’s chief executive, and Richard Lim, Retail Economics’ chief executive, predict continued growth in secondhand gift sales. Jay encourages considering secondhand options by asserting that these do not detract from the spirit of gifting, while Lim points toward ongoing trends such as the cost-of-living crisis and heightened environmental consciousness as factors that will likely fuel this market expansion into 2025.
The increasing inclination towards secondhand gifts signifies a broader shift in consumer attitudes towards cost-effective and sustainable shopping.
