Community//

The Booming Second-Hand Market

There’s no denying that the pandemic has definitely put a downward pressure on discretionary spending.

The Thrive Global Community welcomes voices from many spheres on our open platform. We publish pieces as written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Community stories are not commissioned by our editorial team and must meet our guidelines prior to being published.

There’s no denying that the pandemic has definitely put a downward pressure on discretionary spending for the majority of people around the world. The recent growth in the second-hand market is largely driven by the collision between challenging economic times and the continued increase of an environmentally conscious consumer base.

The pandemic has accelerated what was already going to be true over the next few years, making the second-hand market big business. Let me lay out some massive proof points from Kijiji’s most recent Second-Hand Economy Index Report:

  • Canadians have earned an average of $961 and saved an average of $723 each year over the past five years through second-hand items. This translates to more than $8,400 in earnings and savings.
  • The top 10% of users of the second-hand economy – those transacting the most goods – are developing the commercial market for second-hand goods. On average, these top users deal with nearly 500 items per year, six times more than the national average.
  • Young people (age 45 and under) are the most active generation within the second-hand economy, with 88% participation (compared with the 82% national average) and 100 items exchanged per year.

One thing that fascinates me is what the average Canadian does with savings and earnings from second-hand items. Check this out:

Top uses of SAVINGS from buying second-hand goods:

  • Make an everyday purchase: 43%
  • Put it in the bank: 24%
  • Pay off debt: 10%

Top uses of PROFITS made by selling second-hand goods:

  • Make an everyday purchase: 40%
  • Put it in the bank: 29%
  • Pay off debt: 11%

The second-hand economy is fascinating, booming and has the power to reduce product waste while circulating significant savings and income within local communities. These are a few reasons why I’ve launched another venture called PAIDE. We’re on a mission to make buying and selling in the second-hand market less sketchy and more complete. We’re not “building in public” (a trend that I question), but we are building a private community of testers that can help us build a flawless tool for buyers and sellers in the second-hand economy. If you’re interested and passionate about providing feedback on the latest technologies, please apply here.

Stay safe.

PS

Buyers: What’s one second-hand item you’ve bought and can’t live without?

Sellers: What’s one item you’ve sold on a second-hand marketplace that you regret?

Tweet us.

Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

You might also like...

flipping-environment
Community//

Environmental Benefits of Flipping

by Chris Panteli
Community//

How Covid-19 is changing our spending and saving habits

by Kevin Hanson
Community//

Top 5 things to buy second hand.

by sophia_leonie
We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.