In 2016, 82 per cent of Canadians participated in some form of second-hand transactions, (monetary and non-monetary), 73 per cent of them acquired at least one second-hand good and 69 per cent disposed of one or more second-hand goods.
The second-hand economy is big business.
When it comes to buying, selling, swapping and donating. Kijiji’s 3rd annual Second-Hand Economy Index shows that 1.9 billion goods were granted a second life in 2016 and that’s 30.4 million more goods exchanged hands than in 2015, with the value of all second-hand transactions in 2016 totaling $29B.
The most-exchanged goods were clothing, shoes and accessories, followed by entertainment products, baby clothing and accessories, games and toys and rounding out the top 5 leisure, art and craft items.
Sellers earned on average $1,037 in 2016 vs. $883 in 2015 and Canadians saved on average, by acquiring used goods instead of new goods, $843.00 in 2016 versus $480.00 in 2015.
What are the profiles of second-hand buyers? The most active buyers tend to be Artisans according to the Index. These consumers primarily live in dense, industrial neighbourhoods scattered across medium-sized cities.
They tend to have an average household income $64,620 and enjoy woodworking, crafts and collecting coins and stamps.
The Urban Edgies are consumers who enjoy a less affluent lifestyle, and live mostly in Quebec, and enjoy discovering the latest products online.
They may have a lower family income on average $40,600, but have a zest for life and know how to take advantage of the second-hand purchase.
Interesting to note the report draws the correlation to a clear relationship between the strength of the economy and second-hand economy activity. The lower the unemployment rate, the higher the average wage, the higher the index or activity level. The second-hand economy increases as real wages increase.
Bottom line – Canadian's second-hand practices represents a sizable part of the country’s overall economic activity.
