New research shows changing consumer attitudes towards second-hand economy
The changing consumer attitudes towards the second-hand economy are being driven by clothing and fashion, with the research stating that British consumers saved a collective 5.6 billion pounds in 2024 and kept 199 million products in circulation.
The key factors for consumers turning to pre-owned products include increasing cost-of-living pressures, wider availability of second-hand goods, and heightened consideration of environmental issues among shoppers.
Demographics also reveal an evolving market, with 74 percent of people aged 34 and under embracing second-hand shopping compared to 52 percent of over-55s.
CEBR also noted that average monthly spend on pre-loved goods has more than doubled over five years, increasing by 113 percent from 58.40 to 124.80 pounds a month, and second-hand products now account for 34-45 percent of UK spending within some of the most popular categories, including tech, fashion and home appliances.
Despite growing popularity, barriers remain, with the report identifying key concerns from consumers, including product condition (43 percent), lack of warranties (39 percent), and seller trust (29 percent) preventing wider adoption.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Telegraph
28 minutes ago
- Telegraph
Trump to meet Starmer in low-key Scotland trip
President Donald Trump will meet Sir Keir Starmer in Scotland in what UK officials are describing as a low-key visit. The White House played down the significance of the meeting, saying the two leaders are unlikely to announce any major policy breakthroughs. The bilateral is instead being framed by officials as a relationship building opportunity ahead of Mr Trump's official state visit in September. Mr Trump will depart the White House on Friday for the four-day visit. He will spend the weekend at his Turnberry golf club before meeting with the Prime Minister on Monday. He will then fly to Aberdeenshire to open a new links course beside the North Sea, according to Steven Cheung, the White House communications director. Mr Trump will also meet with British media executives while in Scotland. Sir Keir and Mr Trump have developed a warm rapport and Mr Trump's meeting with Sir Keir is 'a recognition of the relationship that the US has with the UK,' Mr Cheung told The Telegraph. 'And, you know, I think he (Trump) genuinely likes him as a person. That's why they get along.' A British official familiar with plans in Scotland, said the trip was being treated more like a family visit than the arrival of a foreign head of state. The full pomp and circumstance will follow for the state visit in September, according to a British source. The trip will follow a simple structure without a big reception party on the airport apron, for example. Mr Cheung said the president was not arriving with any particular asks from the Prime Minister, other than having the chance to catch up and build on their earlier meetings. 'You know right now there really isn't anything specific issue-wise on the agenda,' he told The Telegraph. 'I'm sure they'll talk about foreign policy. I'm sure they'll talk about coming to peace agreements. I'm sure they'll talk about trade.' Mr Trump will travel with a full kit of secure communications equipment allowing him to stay in touch with officials at home and leaders around the world, Mr Cheung said. 'It's a working trip because there's a lot of business that's being done, a lot of interviews being done, meetings with Starmer,' he said. 'So it's a working trip,' he added. The pre-planned visit could not come at a better time for the president who is under intense political and media scrutiny in Washington over his ties to Jeffrey Epstein. The president's supporters have criticised Mr Trump's failure to make good on a campaign promise to release all of the files the government holds on the late paedophile financier. Mr Trump is likely to be eager to play a few rounds on his courses during the visit but is accustomed to playing golf in the sunnier climes of Florida and Virginia, near the White House. Scotland's weather forecast promises showers and heavy downpours for Turnberry at the weekend. Aberdeenshire however is still set to see sunshine for its grand opening. Mr Trump's constructive relationship with Sir Keir was forged despite the pair coming from opposite ends of the political spectrum. The UK secured the first deal with Washington to roll back steep trade tariffs and Mr Trump has been invited for a state visit. Sir Keir first met the then Republican candidate at Trump Tower for dinner in September last year and the two hit it off quickly. British officials are keen to point out that Sir Keir was the only leader to meet Mr Trump in his private quarters rather than on the terrace at Mar-a-Lago, his club in Florida, which is open to members. Sir Keir visited the president at the White House in February, when he presented Mr Trump with a state visit invitation from the King, much to Mr Trump's obvious delight. The grand opening of his second course at his Aberdeenshire resort will be held on Tuesday. The MacLeod Course is named in honour of Mr Trump's Scottish mother Mary. In a promotional video last year, Mr Trump said he believed adding a second 18 holes beside an existing course improved the chances of hosting tournaments. 'Having a second course of equal quality is a big advantage for [hosting] tournaments because they can use both of the courses,' he said. 'We'll have many, many championships here between both courses. I think it'll be a great success.'
The Guardian
an hour ago
- The Guardian
Keir Starmer to push Donald Trump on steel tariffs; British retail sales rise in June
Update: Date: 2025-07-25T06:38:15.000Z Title: British retail sales rise in June, official figures show Content: There is some positive news for the retail sector this morning, with official figures showing that monthly sales rose in June by 0.9%. It follows a fall of 2.8% in May. That was helped by warm weather, with supermarkets reporting better trading and an increase in drink purchases, the Office for National Statistics has said. The warm weather in June helped to brighten sales, with supermarket retailers reporting stronger trading and an increase in drink was also a good month for fuel sales as consumers ventured out and about in the sunshine. While growth is encouraging, the numbers are weaker than expected. A poll by Reuters showed that economists had been expecting a monthly rise of 1.2%. Jacqui Baker, head of retail at RSM UK and chair of ICAEW's Retail Group, warns that the sunny mood music may not last long. While the June figures are welcome news and consumer confidence ticked up last month, nervousness among consumers persists, and the unexpected rise in inflation won't have helped. The higher price of essentials such as food and fuel will only add to the reluctance among consumers to spend as their discretionary income shrinks. Concerns remain in the sector, as retailers increasingly run out of headroom to mitigate rising costs. Many will be hoping the government steps in to provide meaningful reductions in business rates, as well as raising the threshold at which employers' National Insurance becomes payable. It's also hoped that the reintroduction of tax-free shopping is brought back on the table, so the sector doesn't miss out further on valuable retail spend.' Update: Date: 2025-07-25T06:37:22.000Z Title: Introduction: Keir Starmer to push Donald Trump over steel tariff deal Content: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Donald Trump, who is due to arrive in Scotland on Friday for a five-day golf trip, is expected to meet with Keir Starmer early next week as the prime minister pushes to finalise their deal on steel trade tariffs. In May, the US agreed to lift tariffs on steel imports from the UK, which currently stand at 25%. However, there are concerns that the steel must be melted and poured in the UK, which could exclude Tata Steel UK as it closed its last blast furnace last year. It has been importing steel from its sister plants in India and the Netherlands, which it then processes in the UK. Starmer is expected to argue for building closer trade ties with the US, including cutting tariffs on Scotch whisky, according to a report by the Financial Times. White House press secretary Karoline Leavitt told reporters this week: 'On Friday morning, President Trump will travel to Scotland for a working visit that will include a bilateral meeting with Prime Minister Starmer to refine the historic US-UK trade deal.' The talks will come after Stamer sealed a tradel deal with India on Thursday. The agreement, which is the biggest struck by Britain since Brexit, will cut back the cost of India's tariffs for the UK and improve exports of products such as Scotch whisky and cars. Starmer told Bloomberg News that his government had 're-established the place and position of the UK on the world stage.' 'We're seen as a country which other countries want to be working with and delivering with.' 7.00am BST: ONS retail sales data 7.00am BST: NatWest Q2 results 11.00am BST: NatWest AGM
Reuters
an hour ago
- Reuters
UK's Jupiter rebounds with net inflows in second quarter
July 25 (Reuters) - British wealth manager Jupiter Fund Management (JUP.L), opens new tab returned to net inflows in the second quarter, driven by resilient institutional demand and improving sentiment within retail clients. The company posted net inflows of 300 million pounds ($404.55 million) in the second quarter on Friday, compared to the 500 million pounds of outflows recorded in first quarter. Jupiter's recent months have been challenging, with nervous clients pulling cash and adjusting portfolios amid volatile markets and the departure of one of its star fund managers, Ben Whitmore. However, a majority of British fund managers remain upbeat on long-term prospects in the sector, terming the burgeoning outflows as a near-term hurdle. "Momentum in the institutional channel is strong and we have seen a month-by-month improvement in retail demand over the time period," said CEO Matthew Beesley. Jupiter reported a 36% drop in underlying pre‑tax profit to 30.4 million pounds for the six months ended June 30 from 47.9 million pounds last year. ($1 = 0.7416 pounds)
