Brits are missing out on up to £341 in free cash by hoarding unwanted items
THE average Brit has an estimated £341 worth of unwanted items gathering dust around the home that could be sold for profit.
The study of 2000 adults in the UK found 85% sell some of their preloved goods, making an average of £126.24, at £20.17 per sale.
Clothes, phones and tablets or gaming gear are the most lucrative items to resell online.
And 53% of those surveyed see this reselling side hustle as a way to supplement their primary income.
But while 19% resell often, 36% of those still considering it admitted they are unsure of how to go about it.
And 23% have no idea that their unwanted possessions could earn them money, potentially missing out by not joining the emerging trend, according to PayPal’s Resale Renaissance Report.
Vincent Belloc, general manager at PayPal UK said: “It’s no surprise we’ve seen a boom in the second-hand economy with high inflation.
“You may have items that you could supplement your income by selling—stored up in your attic without realising.”
The research also found that as well as selling items, 25% regularly purchase pre-owned goods – spending an average of £71 per year.
Pre-loved fashion (38%), books (31%) and furniture (13%) topped their shopping lists.
Of those who do buy second-hand items, 67% named saving money as a key reason.
Others want to be more sustainable and help reduce waste (35%) or want to purchase one-of-a-kind items (23%).
It also emerged the most popular destinations to buy second-hand clothing and items are still charity or thrift shops (52%).
Reselling platforms such as Depop (44%) and social media (18%) are rapidly becoming more popular.
Car boot sales (20%), market stalls (14%) and direct from friends and family (17%) are still popular ways to shop for second-hand bargains, according to the stats by OnePoll.
However, exactly half sometimes worry about the quality of pre-owned items they might find when they’re buying online.
Vincent Belloc for PayPal UK added: “While the second-hand economy is booming, our research shows that people are still concerned about the quality of second-hand items they buy.
“When buying or selling peer-to-peer, via online marketplaces, or at car boot sales or on the high street, it’s important to ensure your payment information is safe and your purchase or sale is protected in case it’s not as advertised.”
Check which cities are the thriftiest via PayPal.
TOP PRE-LOVED ITEMS THAT MAKE THE MOST MONEY
- Clothes
- Phones and Internet-enabled tablets
- Games consoles, games, and gaming equipment
- Toys
- Computers or laptops
- Books
- Shoes
- Jewellery
- Furniture
- Sports and exercise gear