Second Hand Economy Booms As Singapore Becomes Increasingly Expensive

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Singaporeans are taking advantage of the growing second hand economy, as shown in a recent study commissioned by Gumtree. This growing trend has largely been driven by attempts to defray the increasing cost of living in what the Economist Intelligence Unit (EIU) has ranked as the most expensive city in the world to live in.

The generation of additional income was a key motivator for the majority of sellers. The study showed that almost half of active sellers earned a three- or four-digit annual income from just selling second hand goods and almost half of the participants indicated that selling used goods allowed them to offset their growing cost of living.

Similarly, money-saving was the major benefit for buyers. With 74% having purchased a second hand item in the last 12 months, the average spend per buyer in 2013 on pre-owned items was over $125. A third of buyers also shared that they could save up to 60% off an item’s retail price when buying a pre-owned product compared to a new one.

The most popular pre-owned items in terms of trading volume are Clothes & Accessories, Consumer Electronics, Furniture and Books, both on the supply and demand side. Buyers also noted that they were able to find rare collectibles or out-of-stock items through the second hand economy.

As the cost of living in Singapore continues to increase, more consumers are expected to explore ways to make their money go further. The second hand economy is an excellent option, providing access to products at affordable prices, thus cushioning the impact of inflation. “Our observations show that Singaporeans are increasingly leveraging the second hand economy, with registering almost a 100% year over year growth in online traffic and more than 10 trading activities being monitored on the website every minute,” said Terry Wong, Regional Product Director, Gumtree Singapore.

So if you have stuff you want to sell, you know which site to head to now! Gumtree of course.
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