{"id":13720,"date":"2022-11-02T08:04:11","date_gmt":"2022-11-02T08:04:11","guid":{"rendered":"https:\/\/www.sellcell.com\/blog\/?p=13720"},"modified":"2022-11-02T12:22:09","modified_gmt":"2022-11-02T12:22:09","slug":"second-hand-market-becomes-first-choice-for-cash-strapped-millions","status":"publish","type":"post","link":"https:\/\/www.sellcell.com\/blog\/second-hand-market-becomes-first-choice-for-cash-strapped-millions\/","title":{"rendered":"Second Hand Market Becomes First Choice\u00a0for Cash- Strapped Millions"},"content":{"rendered":"

– 28.7% of consumers will turn to second hand goods & shop in charity shops
– 41.4% of consumers state they will not be buying ‘brand new’ tech<\/em><\/h2>\n\n\n\n

With so many facing a cost-of-living crisis, the circular economy is one market that is flourishing as consumers look to save cash.<\/em><\/p>\n\n\n\n

With a global cost-of-living crisis underway, consumers the world over are looking for ways they can both make extra cash, and save on expenses. People are financially struggling, with SellCell’s recent survey<\/a> showing that over 90% of individuals are facing financial difficulties, and so they need to tighten their belts across the board.<\/p>\n\n\n\n

According to SellCell<\/a>, the US’s leading platform for used gadgets, one second-hand market that has seen growth during this difficult period is the used tech sector\u2014vendors that buy unwanted tech and then refurbish it so it is like new, then resell it at a fraction of the MSRP. <\/p>\n\n\n\n

SellCell’s survey of 6000 people shows that this exodus into the second-hand markets could be mirrored across other circular economies too. Let’s see what areas of the second-hand market people are turning to now they have less cash to play with.<\/p>\n\n\n\n

SellCell Survey Indicates Consumers Will Abandon Traditional Retailers<\/h2>\n\n\n\n

The aforementioned SellCell cost-of-living crisis survey<\/a> yielded harrowing results for both the UK and US markets. In fact, 94% (UK) and 92% (US) of consumers say that the cost-of-living crisis will have an adverse effect on their household finances\u2014a figure we certainly should not ignore.<\/p>\n\n\n\n

Not only that, 26.1% (UK) and 20.0% (US) of consumers are concerned that the cost-of-living crisis will seriously affect their household finances, which is a clear sign they will need to cut back in order to stay afloat. And it seems that is the intention; an intention that will have a knock-on effect for traditional retailers, with re-commerce their go-to.<\/p>\n\n\n\n

Shoppers Swoop on Second-Hand Selections<\/h3>\n\n\n\n