Surging ‘pre ‘loved’ economy worth billions
New research from Motorway and the CEBR points to the value of the pre-loved economy growing year-on-year, with the sector seeing a considerable growth of 48.3% from 2020 to 2022.
The ability to earn extra income and the capability to shop around for a bargain are all traits that savvy UK shoppers are welcoming – with 7 in 10 people (71%) having purchased a pre-loved product in the past 12 months alone.
The popularity of pre-loved purchases has also been aided by the rise of online marketplaces, such as Motorway.co.uk. The percentage of pre-loved goods sold via online marketplaces jumped from 57% in 2017 to 74% in 2022.
The pre-loved sector of commerce has also seen a sharp rise in mindful shoppers with four in ten (42%) shoppers purchasing pre-loved to support a good cause, while a rise in environmentally conscious shoppers (36%) has also contributed to this rising economy.
Aston spoke to financial coach Clare Seal.
Photo by Colin Watts on Unsplash
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