A survey by Trade Me Marketplace estimates the second-hand market grew by half a billion dollars in last year with the sale of an estimated 81 million items.
The survey of 4000 consumers indicates second-hand sales were at record highs, driving up the size of the circular economy to $5.5 billion.
“This is Trade Me’s sixth annual report and each year we continue to see an upward trend, with 89 percent of respondents having bought something second-hand in the past six months marking the highest level since we first started tracking,” Trade Me’s Sally Feinson said.
“Our latest research shows there’s no slowing down the growth of New Zealand’s circular economy with the average Kiwi having around $1350 worth of unwanted possessions they could sell – $50 more than last year.”
Clothing, shoes and accessories, home and living, and books, CDs and DVDs remained the dominant sale categories.
“On the sold side, 79 percent of people surveyed sold at least one of their preloved items in the last six months,” she said.
The main reason people sold items was to create space, followed by making extra money.
“It’s interesting to see the driver to make a little extra cash is down 10 percent on the previous year despite the continued rising cost of living,” she said.
In contrast the main reason for buying second-hand was to save money.
“People had different motivations for shopping second-hand, with saving money (71 percent), wanting to be more environmentally friendly (25 percent) and buying quality (17 percent) the top three reasons given by respondents.”
The survey found women were more likely than men to buy second-hand with 91 percent having made a purchase in the last six months, compared to 85 percent of men.
When looking at the regions, people in Marlborough and Southland were found to be the biggest second-hand shoppers with 97 percent buying an item in the last six months. Taranaki was third at 93 percent.
The Gen Z generation (born between 1997 and 2013) were the keenest bargain hunters, with 94 percent saying they had bought a second-and item in the last six months.
Upcycling, restoring and repurposing
“The art of taking something old or worn out and breathing new life into it can be incredibly rewarding – whether you’re the one doing the upcycling, or one of the 58 percent who say buying such items allows them to own something unique,” Feinson said.
The survey also found New Zealanders had two items around the house they could upcycle, repurpose, or restore, with 55 percent saying the cost of living made them consider upcycling items as a means to make some extra money, with 47 percent saying upcycling gave them an opportunity to be creative.
The research found millennial women (born between 1980 and mid-1990) were the most active group of upcycle entrepreneurs, with more than a quarter (26%) of respondents having sold upcycled items.
