Pre-Loved Gifts on the Rise Amid Cost-of-Living Crisis
- UK shoppers to spend £2.05bn on secondhand gifts this Christmas
- 10.2% of total gift market to be pre-loved items
- Popular among 18-45 age group
- 84% likely to spend budget on pre-loved gifts
- 63% have bought secondhand gifts before, 63% open to receiving them
- Cost savings and environmental impact are main motivators
- Increasing consumer confidence in luxury items
- Vinted’s item verification service helps authenticity
- Retail Economics expects growth in multiple categories
UK shoppers are set to spend over £2 billion on secondhand gifts during the festive season, according to research from Vinted and Retail Economics. Pre-loved items will make up 10.2% of the total Christmas gift market this year, particularly popular among those aged 18-45. Over half of consumers in this age group buy secondhand items at least once a month. With cost savings and environmental concerns driving the trend, 63% have purchased pre-loved gifts before, while 63% are open to receiving them. Vinted’s item verification service bolsters consumer confidence in buying luxury goods. Retail Economics predicts further growth across multiple categories as consumers continue embracing secondhand shopping.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the increasing popularity of secondhand gifts in the UK, citing research from Vinted and Retail Economics. It includes relevant statistics and quotes from experts in the field. However, it ends with a promotional link to sign up for another newsletter which may be seen as slightly off-topic.
Noise Level: 3
Noise Justification: The article provides relevant information about the increasing popularity of secondhand gifts and the reasons behind it, including cost savings and environmental concerns. It also mentions the role of platforms like Vinted in boosting consumer confidence in buying pre-lived items. However, it lacks a deeper analysis or exploration of the long-term trends and consequences of this shift.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses the increasing popularity of secondhand gifts and their impact on consumer behavior, particularly among younger shoppers. It mentions that UK shoppers plan to spend £2.05bn on pre-loved gifts this festive season, which is a financial topic. However, it does not directly impact specific financial markets or companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event in the text.
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