OnBuy Data: Shoppers Are Buying Big Ticket Items Despite Cost-of-Living Crisis
A new report from British online marketplace OnBuy shows that sales of big-ticket items show surprising strength despite the cost-of-living crisis.
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OnBuy — one of the fastest-growing tech companies in the UK — saw a 17% month-on-month (MoM) increase in Gross Merchandise Volume (GMV) in October, with shoppers opening their wallets on products like games consoles, headphones, tech accessories and air fryers.
The marketplace’s biggest seller continues to be the PlayStation 5. Sales of the digital and disc editions, including PS5 bundles, jumped 25% MoM.
Other strong products included headphones (28%) and smart watches (50%), with Apple, PlayStation and Samsung being the top-performing brands, respectively.
“Given the economic outlook and the pressure that is being put on household budgets by the cost-of-living crisis, we were surprised to see this rocketing interest in large purchases. It’s apparent that shoppers aren’t willing to let it ruin their Christmas joy and are making smart buying decisions to make sure they get their Christmas shopping done, without breaking the bank in December,” said Cas Paton, OnBuy CEO.
“That’s why we’re looking at what we can do to support both our customers and our sellers. We want to make sure they can enjoy all the joy that Christmas brings, which is why we’ve got lots of exciting presents in the pipeline for both. Be sure to keep your eyes peeled for more exciting news soon!”
While these big-ticket items fall into the standard categories for holiday gifts, shoppers are very concerned about soaring energy bills and are looking for solutions.
Energy Saving Products Sales Skyrocket on OnBuy
Data from OnBuy also shows that sales of energy-saving products have increased thousands of percent on the platform, year-over-year (YoY).
In October, the most popular products shoppers bought on OnBuy were heated throws, electric heaters, radiator reflectors, clothes airers and draught excluders (draft guards).
Paton concluded: “While we were surprised to see the demand for products like PlayStations, headphones and smart watches, it’s not so surprising that we’re continuing to see huge interest in energy-saving products. Ultimately, what this tells us is that the British buyer is becoming an increasingly savvy spender.”
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Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.