The Second-Hand Economy - A Billion Dollar Industry
The second-hand economy in Australia is currently thriving while other parts of the economy aren't doing so well. Why is this industry growing in a time like this?
What is the second-hand economy?
The second-hand economy is a multi-billion dollar industry that brings communities together to buy, swap, sell or donate pre-loved items. Aussies save money whilst reducing things going to landfill.
What is second-hand buying?
A used good, or second-hand good, is a piece of personal property purchased by or otherwise transferred to a second or later end user.
In 2020, the second-hand market was valued at a staggering $46 Billion, the highest figure recorded in the last decade. According to YouGov Galaxy and Gumtree, it is estimated that in the past year, approximately over 90 million items have changed hands across living rooms and front yards.
"Australians are benefitting by clearing out unused goods and utilising the second-hand market, for example, buying second-hand items such as home décor and furniture."
Their 'Second Hand Economic Report' mentions how Australians recognise that given the current economic environment, buying second-hand items for the home can potentially free up money for use in other areas, such as bills, food, and other necessities.
Key figures and statistics from the report:
- The most popular second-hand items for Aussies in 2020 include home décor and furniture (33%). These were also the items that sold the quickest!
- 42% of Aussies say they are more likely to use the second-hand economy now than before COVID-19.
- 56% of Aussies think the effects of the COVID-19 pandemic will cause the second-hand economy to grow.
- 85% of Aussies have unwanted items at home.
- 48% of Australians listed saving money for necessary expenses as a key reason they would be prepared to buy second-hand items for their home, compared to 43% in 2019.
In Australia, the most common pre-loved items are:
- Clothing, shoes & accessories
- Music, CD's, DVDs
- Electronic goods
- Home Decor/Furniture
- Games & Toys
- Tools, Gardening, DIY
In each household in Australia, there are 19 unwanted items on average. 19 ways to support your favourite social cause.
The second-hand economy is a fantastic way for millions of Australians at various life stages to prolong the lifespan of pre-loved items, save money when buying and reduce the number of new items produced every year.
The accessibility of the second-hand economy has changed a lot over recent years, mainly with the advent of online technology, services and platforms. charityBay is an online platform where you can sell your pre-loved items and donate their proceeds to charity. You can also find hidden treasures, and as an online op shop, you can buy with the incredible feeling that 95% of all proceeds are going to charity.
charityBay is a way where you can start helping others while supporting a greener tomorrow. With bidding starting at AUD 0.99c, it was never that easy to support your favourite cause.
Ready to discover your power to help? Donate, Buy, Smile - charityBay.org