It’s environmental and financial sense
Buying and selling preloved is a juggernaut of a game these days. Old hands like eBay and Facebook are still doing their thing, while a slew of slick new platforms are raising the bar all over again.
Even the humble charity shop’s having a resurgence.
The data shows that UK Gen Zs and Millennials account for nearly two-thirds of the second-hand-spend so, given the trend skews young, it looks like it’s here to stay.
For buyers the incentives are many: preloved is more environmentally conscious, and can connect us to quirky and unique items you just can’t find on the high street.
Oh and then there’s the money. Saving cash sure ain’t to be sniffed at right now.
On-brief x 3
We mentioned the benefits for buyers, but buyers need sellers and the perks stack up there too. For sellers, the bar to selling items is low, and it’s an easy way to make a few extra quid while clearing out space.
No surprise a reported 24% of Britons sold at least one second-hand item in 2023.
We say it ad nauseam here at Money Means, but there are only two ways to save extra money: spend less or earn more. Wouldn’t you know it, preloved offers both with a boost for the environment too. Win win win.
To show the size of the bandwagon, in 2021 Vinted had 1.2m users. Today it’s 16m.
Preloved caveats
If the preloved market’s rise is news to you then a) where’ve you been? And b) don’t jump in with both feet just yet. At least not without a consideration or two …
- We said it before but it’s good to set rules when weighing up purchases; regardless of cost. The thing might cost £7.50 but do you need the thing? Do you really need the thing? Cheap is still waste if the thing festers at the bottom of your wardrobe.
- Sellers: please bear in mind the potential tax implications. Earn an extra £1,000 or more in one year and you’re required to let HMRC know. This £1,000 is the tax free trading allowance, so if you go above it could mean a bill with your name on it.
Still, caveats aside we hope you enjoy the fruits of preloved.
Spend less and earn more … preloved works whichever way you slice it,