…By Alan Peterson for TDPel Media.
A recent study conducted on 2,000 UK adults revealed that the average Brit possesses approximately £341 worth of unwanted items lying around their homes.
Surprisingly, these neglected possessions could be transformed into profit through resale.
The research further highlighted that 85% of individuals have engaged in selling some of their preloved goods, earning an average of £126.24 per transaction, with an average sale value of £20.17.
Popular Items for Resale
Among the items that prove to be most profitable when resold online are clothing, phones, tablets, and gaming gear.
The survey indicated that 53% of respondents viewed reselling as a side hustle to supplement their primary income.
However, despite the interest, 36% of those considering reselling confessed to being uncertain about how to go about it.
Additionally, a surprising 23% of participants were unaware that their unwanted possessions had the potential to generate income, indicating missed opportunities to join this emerging trend.
Exploring the Second-Hand Market
The research also unveiled that 25% of respondents regularly purchase pre-owned goods, spending an average of £71 per year.
Fashion, books, and furniture were identified as the most sought-after pre-loved items.
The motivations behind purchasing second-hand products included saving money (67%), promoting sustainability and waste reduction (35%), and acquiring unique items (23%).
While charity or thrift shops remained the most popular destinations for second-hand shopping (52%), online platforms like Depop (44%) and social media (18%) have experienced rapid growth in popularity.
Nevertheless, traditional avenues such as car boot sales (20%), market stalls (14%), and transactions with friends and family (17%) still attract those seeking second-hand bargains.
Quality Concerns and Payment Security
Despite the appeal of the second-hand economy, 50% of respondents occasionally expressed apprehension about the quality of pre-owned items they might encounter while shopping online.
Vincent Belloc, General Manager at PayPal UK, emphasized the importance of ensuring safe payment transactions and protection for buyers and sellers.
When engaging in peer-to-peer transactions, online marketplaces, or purchasing from car boot sales or high street stores, he advised being cautious with payment information to safeguard against potential discrepancies between advertised and actual product quality.
The Most Profitable Pre-Loved Items
According to the study, the top ten pre-loved items that yield the highest returns include clothes, phones, tablets, gaming consoles and equipment, toys, computers or laptops, books, shoes, jewelry, furniture, and sports and exercise gear.
In conclusion, the research sheds light on the untapped potential of reselling unwanted items in the UK.
It highlights the financial opportunities and the growing interest in the second-hand economy while also underscoring the need for awareness and understanding of the resale process.
With careful consideration and secure payment practices, individuals can unlock the hidden value in their unwanted possessions and contribute to the thriving world of reselling.