Research by GlobalWebIndex of 2,154 UK consumers, reveals 88% are willing to receive a gift for the holidays that was purchased on a resale marketplace such as eBay, Etsy or Facebook Marketplace.
Economic uncertainty is more rife in the UK than in any other country tracked by GlobalWebIndex – 55% believe the UK economy will worsen in the next 6 months. This is compared to an average of 19% for the rest of the world. Consumers are also more pessimistic about the environment compared to other countries, with 49% believing the environment will worsen, compared to an average of 26% around the world. This may help explain the popularity of resale platforms this season.
While consumers are still less sure of how an item they bought as a gift through such a resale platform would be received by the intended receiver, 62% of consumers stated they would be prepared to make such a purchase this year.
Chase Buckle, trends manager at GlobalWebIndex comments, “A key driver behind the growing popularity of resale marketplaces is the opportunity to buy rare and retro items. What’s surprising is feelings of nostalgia are not exclusive to older generations, with eight in ten millennials expressing they experience feelings of nostalgia (no matter how strong) at least occasionally, with four in ten saying they do so often. This is the market that second-hand marketplaces such as Depop and Carousell sell into very effectively.”
eBay’s nostalgia niche
Over two thirds (69%) of consumers state they would purchase a nostalgic or collector’s item from their past through eBay, while 42% would opt for Amazon – highlighting the continued availability and manufacture of nostalgic goods. Newer entrants to this market including Etsy (14%) and Facebook Marketplace (18%) also now have a considerable foothold.
Besides price (50%), eBay users have an array of motivations. 37% of UK consumers state they can find things they can’t otherwise find in stores or on other sites. 31% of consumers find interesting and unique items as well as second-hand items through eBay.
By contrast, 48% of consumers choose to purchase something from Amazon because of faster shipping. Equally, the competitive prices (45%) and being a Prime customer (33%) are other key purchase drivers for Amazon customers.
New priorities for old items
When asked about the most important elements when purchasing such an item, consumers reported that alongside the item’s quality (63%), buyers need to be reassured of the trustworthiness of the seller (52%) and the authenticity of the item (49%), potentially explaining the preference for larger retailers.
Interestingly, just 27% of consumers picked a quick shipping time as a priority. In fact, 40% of consumers in the UK state they would happily sacrifice a fast shipping time to get a better price for an item.
Chase concludes, “This is a fascinating area we explored in our Trends 2020 report, “Connecting the Dots”. One of the most important things to bear in mind is the ability of nostalgia to forge an emotional connection with buyers – some who didn’t even experience a trend the first time it was popularised. It’s a great sales tool which negates some of the more logistical aspects of online shopping, but successful brand and consumer interactions are steeped in authenticity and trust.”