A report from Vinted and RetailEconomics has revealed consumers in 2024 are embracing pre-loved with secondhand accounting for just over 10% of all gift spending.

The Recommerce 2024 report shows shoppers are set to spend £20.5bn ($25.80bn) on gifts in total and overall 84% of secondhand shoppers are likely to spend a proportion of their budget on pre-loved Christmas gifts this year.

While all generations are buying secondhand, the category is increasingly popular with consumers aged 18-45 – 53% of those aged under 45 are buying items once a month or more, compared to 43% of all consumers.

Secondhand gifting is growing but is not entirely new – a significant proportion of consumers have previously bought secondhand Christmas gifts. Nearly two-thirds (63%) of secondhand shoppers have bought pre-loved items as Christmas gifts at some point in the past, rising to 79% of those aged 25 to 34. A majority of shoppers (63%) are also comfortable receiving these as gifts.

What’s prompting the rise in secondhand demand?

The report says there has been a behavioural shift that has seen the desire for rare and unique items drive up secondhand gifting. 73% of the shoppers surveyed would buy for someone if they found a unique item, and 71% if they found something high quality.

Then of course is its ability to save consumers money and help them stick to a budget. It is an important factor for 54% of surveyed consumers, while more than a quarter (29%) shop secondhand to lower their environmental impact.

How does fashion fare?

Over half (54%) of consumers are comfortable buying secondhand clothing gifts and 62% are keen to receive secondhand luxury items and brands.

Value-added options such as Vinted’s Item Verification service, which allows buyers to have designer items checked for authenticity by its team of experts for a fee, are helping people to buy luxury via this method with greater confidence.

Vinted Marketplace CEO Adam Jay commented: “The research shows clearly that secondhand is growing in popularity as a way to gift and this is very encouraging. Using a platform like Vinted is a fun and accessible way to find unique gifts while making a better choice for the planet, your wardrobe and your wallet.”

Retail Economics CEO Richard Lim added: “With secondhand shopping continuing to increase in popularity, we expect to see further growth in sales across multiple categories as consumers continue to reap the benefits. The cost-of-living crisis, environmental concerns, and the increase in accessibility of secondhand items are all contributing to secondhand’s growth and consumers are likely to continue embracing this space into 2025.”

 By Just Style