Second-Hand Firmly in Fashion for Thrifty Brits
New research from Vinted shows UK members are turning to second-hand as affordability becomes top priority for shoppers
- Vinted buyers say they saved an average of £87 monthly (in Feb 2023) when buying second-hand
- Almost 9 in 10 (86%) use the “Make an offer” haggle feature at least occasionally to maximise savings
- Almost 8 of 10 (77%) say that Vinted help them purchase items that would otherwise be too expensive
- Of those who transfer funds to their bank, more than 4 in 10 (43%) use money earned selling items to fund everyday household expenses
As inflation in the UK, currently at 6.8%, continues to remain higher than in the United States and most of Europe1, affordability for consumers is more relevant than ever. New research into affordability and shopping habits conducted among members of second-hand shopping app Vinted has found that shoppers are turning to second-hand to boost their purchasing power and leveraging haggling tools to make their cash stretch even further.
Purchasing Power Boost
Almost 8 in 10 (77%) of Vinted members surveyed2 say that shopping second-hand on the platform enables them to purchase items that would otherwise be too expensive - estimating an average monthly saving of £87 (in February 2023) when buying second-hand over new. In fact, savvy shoppers say they generally expect average savings of 43% when they buy second-hand compared to new, so the ability to pay significantly less for the items they want has become a winning factor for many.
And it seems that every penny makes a difference in people’s spending on essentials. Of the members who transfer their earnings from selling items on Vinted straight into their bank accounts, more than 4 in 10 (43%) say that they use the money to fund everyday household expenses.
Haggling Literally Pays Off
More than a third (35%) of people surveyed are pessimistic about their financial situation and expect it to worsen over the next 12 months, so providing people with additional ways to save money is valuable.
The ability for Vinted members to negotiate on price is so important for them that almost 9 in 10 (86%) make use of the “Make an offer” haggle feature at least occasionally to maximise their savings.
Looking into the motivation behind why buyers negotiate, the research found that it is driven more by necessity, specifically with those buyers wanting to save money and pay a fair price, rather than out of enjoyment or habit. But regardless of motivation, those who do make the effort to negotiate are more likely to see a literal payoff.
Buying in bundles (multiple items from one seller) is another clever way members save money since further discounts are usually possible. Last year (2022), 23% of members bought at least one bundle, with an average of 3.2 items, potentially saving them two separate lots of shipping charges, plus any additional bundled discounts provided by the seller.
Natacha Blanchard, Consumer Lead at Vinted says: “In our member research, financial drivers have always been important for Vinted buyers but with the rise in the cost of living now continuing into its second full year this winter, spending less on clothing and affording more on the same budget have become the two biggest driving forces for members who have turned to second-hand.
“The bonus is that buyers can also be sellers and use Vinted to make some extra money from items they don’t need, which is the biggest driver for those selling on the platform. These funds can then go towards daily household expenses, meaning that second-hand platforms like Vinted can be a smart, and for some an essential, source of adding a little bit extra to their wallets during a time of need.”
Better For The Wallet and Better For The Climate
Those turning to second-hand over brand new don’t only benefit financially, their actions also help to reduce the environmental impact of shopping compared to buying new. According to Vinted’s Climate Impact Report, over a third (39%) of transactions prevented the purchase of a new one, resulting in an average carbon emissions saving of 1.8 kg CO₂e per second-hand item3 (equivalent to the CO₂ emissions of charging 219 smartphones). Better still, a fifth (20%) of members say they would still choose to buy second-hand over new, even if prices were similar, so second-hand really has become the first choice for many.
2 Survey conducted by Vinted among 1,049 (900 women and 900 men, 18-48 years old) Vinted active members in the UK in March 2023
3 Vinted Climate Impact Report released in March 2023, and conducted through 2021 and 2022