New research by eBay Ads finds that 30% of UK consumers are having to make more considered purchases in order to get better value for money, and a fifth (19%) are buying more second-hand items in order to save money.
Check Out These Resources
- Do you need a business bank account for your online business? Take a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits. [sponsored]
- Boost your social media engagement with Publer. Learn how you can save time writing engaging content faster with AI. [sponsored]
- Could your online business use capital for growth? Here is a primer on revenue-based loans, and how they work.
The resale market is one fashion market driven by online shopping, with second-hand becoming a global phenomenon expected to grow 127% by 2026.
As consumers increasingly look to get thrifty and responsible with their shopping habits, retailers should be mindful of the evolving demands of customers and showcase their understanding of shopping priorities.
Coming Around to the Circular Economy
The research, which surveyed 1,000 UK respondents, found that consumers’ interest in buying second-hand is part of a wider growth of the circular economy.
Indeed, a quarter (25%) of consumers say that they try to upcycle or repair their current belongings before buying anything new, and one in five (20%) report that they frequently buy second-hand, upcycled or refurbished items.
This is supported by insights from eBay Ads UK, which finds that interest in second-hand items was rising fast at the beginning of this year.
In January 2022 searches for ‘upcycled’ rose 40% on ebay.co.uk compared to the month before, and searches for ‘second hand’ and ‘repair kit’ rose 24% and 21% respectively in the same timeframe.
And this trend has been rising consistently year-on-year. For example, searches for ‘pre-owned’ were up 19% in January 2021 compared to January 2020 and increased a further 38% in January 2022.
“Between the rising cost-of-living and a growing desire to make more sustainable purchases, UK consumers are increasingly thinking about how they can be savvy with their shopping. With upcycling, buying second-hand, and more sustainably sourced products all rising on shoppers’ agendas, retailers in turn need to be adapting to these evolving preferences in order to engage their customers and contribute to the circular economy.”Elisabeth Rommel, Global GM at eBay Ads
Sustainability Is a Selling Point for eBay Shoppers
The increasing importance of sustainability to consumers is also contributing to the rise in second-hand shopping and upcycling.
The research finds that almost a fifth (19%) of those surveyed say shopping as sustainably as possible is really important to them.
In addition, more than one in five (22%) report that they are conscious of discarding and sending items to landfills when they could be repaired, recycled or sold on – and 19% said that they try to avoid fast fashion brands or brands that they consider to be unethical.
Meanwhile, insights from eBay Ads UK demonstrate that shoppers are actively searching for more environmentally friendly products on the platform – for example searches for the term ‘biodegradable’ rose 59% in January 2022 compared to the previous month on ebay.co.uk.
For retailers looking to improve their sustainability practices, and market to a growing cohort of climate-conscious consumers, it’s clear that packaging, location and recyclability of the product are the three top priorities to take into account.
Consumers reported the top factors they consider when trying to limit their environmental impact as:
- Sustainable packaging (37%)
- Shopping locally (30%)
- The recyclability of a product (30%)
- Product lifespan (24%)
- A product’s sustainable credentials (24%)
“Whether it be offering a repair service, starting a second-hand shop, or making packing and materials more sustainable – retailers must tap into what really matters to consumers today, and communicate sustainability credentials clearly in their marketing and product information,” added Rommel.
eBay in the UK has been leading the way in promoting sustainable options, including partnering with the reality TV show ‘Love Island’ as its first Pre-Loved Fashion Partner.
This partnership underscores the marketplace’s position as a leading source for pre-loved or second-hand fashion and an opportunity for sellers to cash in on this opportunity.
Subscribe to Our Newsletter
We do not sell your information.
You can unsubscribe at any time.
Head over to our Facebook Group for Small Business Marketplace Sellers and interact with us and other small business owners. Follow us on Facebook, Twitter, or LinkedIn to stay up to date with relevant news and business insights for your online business.