Finance & Economics

UK to witness a boost in second-hand Christmas gifts: here’s why

Also, the challenge second-hand suppliers may see this year comes from the nature of Christmas itself

Christmas

UK to witness a boost in second-hand Christmas gifts: here’s why. Source: pexels.com

According to GlobalData, logistic bottlenecks and a shortage of HGV drivers are set to disrupt toy supplies this Christmas, leading to potential price hikes and limited stock for consumers.

After a challenging period, wherein 37% of Brits reported that their budget has reduced in the last year, many may turn to second-hand toys in their Christmas stockings as a more affordable and sustainable option, says GlobalData, a leading data and analytics company.

Besides, GlobalData’s latest consumer survey revealed there has been a massive uptick in interest in second-hand or ‘used’ products over the last year, with key present categories, such as toys, beauty products and electrical items, finding favour in the second-hand market among young professionals and students.

There is a clear generational shift toward second-hand or ‘used’ toy purchases this year, with millennials leading the charge; over a third of young Brits are buying these products more this year, while only 5% of people over 55 reported the same. This is likely due to the narrative behind ‘thrift’ shopping changing. With public figures like Greta Thunberg denouncing fast fashion and mass consumption, we are almost certain to see a surge in demand for second-hand or upcycled products that are less harmful to the environment
Carmen Bryan, Consumer Analyst at GlobalData

The supply disruptions, first witnessed in the UK’s grocery sector, are also likely to feed into other fast-moving consumer goods industries. For example, cosmetics, which are another popular gifting item during the festive period, often need specialised storage facilities that are temperature controlled and as a result also benefit from short transportation times in order maintain the freshness of products.

We’ve reported that Millennials are the UK’s leading entrepreneurs.

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