based on materials from the site - By Cryptopolitan_News

According to a study by the Centre for Economic and Business Research commissioned by Amazon.com Inc., British consumers are expected to spend £4.8 billion (about $6.4 billion) on purchasing used goods online by 2025, exceeding the figure of £4.3 billion (approximately $4.9 billion) in 2024.

The research also showed that about 66% of British consumers purchased used goods online last year, and this share is likely to grow as more people seek saving options and the second-hand market expands.
The shares of the British company Vinted are estimated at nearly $6 billion in 2024.
Some second-hand goods buyers are motivated by sustainability principles, while others hope to be more economical amid rising living costs. Sellers are also looking to profit from selling their wardrobe, thereby developing the second-hand market.

Vinted, the largest online platform, is estimated to have served €5 billion, equivalent to about $5.8 billion in 2024. CEO Thomas Plantenga even stated that the company is entering new markets such as phones, toys, gaming consoles, and possibly luxury watches, while also expanding its presence in other countries.

In an interview at the Web Summit in Lisbon, he commented: "We are entering new countries and expanding our categories. We are taking a huge risk. I want to leverage these stakes."

He claimed that the company aims to create a marketplace that surpasses any existing online platform by systematically eliminating all sources of interference and unnecessary expenses.

A CEBR survey involving 10,000 adult Europeans found that currently, used goods account for 34% to 45% of consumer spending in popular sectors in the UK, including fashion, technology, and home appliances. Not to mention that the average monthly spending on second-hand goods has increased from £58.40 to £124.80 over the past five years.

Overall, the second-hand market includes refurbished goods, unused items returned in open packaging, and traditional used goods.

Retailers like Zara and Amazon are also entering the second-hand market.
Well-known retailers are also entering the second-hand market. Inditex SA, the parent company of Zara, has expanded its resale platform to markets such as the USA, France, and Germany. Meanwhile, Amazon has expanded its 'Amazon Second Chance' program, offering discounts on returned goods and second-hand clothing from brands like Dior and Gucci.

Retail consultant and TV presenter Mary Portas even claimed that maintaining stability could negatively impact the cultural significance of brands and their financial growth, as consumers gravitate towards platforms that better align with the changing market.

Consumers around the world are increasingly favoring savings by choosing second-hand goods. In the USA, the second-hand market is valued at over $50 billion, with users primarily shopping on online platforms like ThredUp, Poshmark, and Depop.

Sustainability is also a driving force for young buyers: 42% of them were open to buying second-hand clothing globally in 2021. According to Kadence International, choosing second-hand items instead of new clothing reduces carbon emissions by 25%. Fast fashion is even criticized for its massive waste, water pollution, and carbon emissions.

Meanwhile, more consumers of varying income levels are planning their purchases around key sales events like Black Friday and Cyber Monday.

Furthermore, according to a survey, two out of three retail executives expect the trend of frequent purchases of low-priced goods to continue, as consumers are expected to keep saving and focusing on basic needs. In a separate analysis, nearly 60% of retail executives stated that in the coming year, consumers will prioritize value and price over brand loyalty.

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