New research shows changing consumer attitudes towards second-hand economy
The changing consumer attitudes towards the second-hand economy are being driven by clothing and fashion, with the research stating that British consumers saved a collective 5.6 billion pounds in 2024 and kept 199 million products in circulation.
The key factors for consumers turning to pre-owned products include increasing cost-of-living pressures, wider availability of second-hand goods, and heightened consideration of environmental issues among shoppers.
Demographics also reveal an evolving market, with 74 percent of people aged 34 and under embracing second-hand shopping compared to 52 percent of over-55s.
CEBR also noted that average monthly spend on pre-loved goods has more than doubled over five years, increasing by 113 percent from 58.40 to 124.80 pounds a month, and second-hand products now account for 34-45 percent of UK spending within some of the most popular categories, including tech, fashion and home appliances.
Despite growing popularity, barriers remain, with the report identifying key concerns from consumers, including product condition (43 percent), lack of warranties (39 percent), and seller trust (29 percent) preventing wider adoption.
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