The cost of living crisis has “boosted” the secondhand industry, Sky News has been told, as more than £2bn is spent on pre-loved gifts this Christmas. Adam Jay, CEO of Vinted Marketplace, said the "trend" in buying pre-loved was "happening anyway" but described rising costs elsewhere as a possible "accelerator".
"I'm sure the cost of living crisis has been a boost," he told Sky News, adding that it had supported "the secondhand industry and trading of secondhand". "But I do think this trend was happening anyway because of people's consciousness around overconsumption, around sustainable buying and sustainable consumption.
"I think all of these have I think these are deep trends and I think they're trends that are here to stay. I really think secondhand can become the first choice ultimately," he said. Vinted, an online marketplace for buying and selling pre-owned items, made its first annual net profit last year of €18m (£15m).
The company's revenue also rose by 61% year on year amid a rise in demand for secondhand goods. Starmer 'looking towards a better, brighter future' in Christmas message. Santa Tracker: The slip-up that started a 70-year-old festive tradition. King Charles chooses former hospital chapel for annual Christmas message in break from tradition.
