PayPal report shows second-hand markets on the rise
PayPal’s Resale Renaissance Report, conducted by Censuswide, showed that the reselling movement has gone mainstream. With more than 1,000 consumers across Ireland, the report found that people are selling their unwanted or unused items to supplement their income.
The survey reveals the second-hand economy is on an incline with 47% of people selling their preloved goods. One in eight (12%) of those who buy pre owned items, do so in order to upcycle and sell on. This trend was found to be most popular among Gen Z (18%). The average consumer in Ireland estimates they have approximately €222 worth of unwanted items sitting idle at home.
Money earned from reselling unwanted items over the past 12 months is estimated to be approximately €598, providing people with an extra €50 per month.
Over three quarters of Irish people (78%) purchase second hand items and the average consumer makes such purchases 20 times a year. Consumers estimated they have €401 of disposable income each month.
The preferred channels for purchasing pre owned items were charity shops, online and mobile marketplaces and social media. However, the second-hand economy isn’t without its concerns, with the majority 84% people worrying about dishonest sellers and the quality of pre owned items.
Maeve Dorman, senior vice president, PayPal Ireland, said: “With prices soaring, it’s no surprise we’re seeing a boom in the second-hand economy. Both buyers and sellers want – and should have – security, flexibility and confidence when it comes to managing transactions, making payments and taking control of their own budgets.”