New data released from Gumtree’s Trading in the Circular Economy report reveals the average Australian household has approximately 21 sellable items in their home, with an average value of $6,964.
This equates to a total value of $62 billion, a spike from $48 billion (29%) in 2021.
Lupe Prada, Gumtree’s head of research and insights, explained why the second hand economy could be a great way to relieve household financial pressures
“Since 2007, Gumtree has been one of Australia’s go-to destinations for buying and selling pre-loved and unwanted items, and since then, we’ve been able to empower millions of Australians to achieve financial freedom, while reducing their environmental impact,” Ms Prada said.
“Not only that, with 64% of Aussies concerned about their ability to pay household expenses, it also has the potential to lighten the load by simply offloading items you no longer need or use, all while putting extra cash into your back pocket.”
According to the survey, almost a third of the 1,052 Australians surveyed (31%) are experiencing some sort of financial stress amid the rising cost of living.
Key findings from Gumtree’s report:
86% of Australians have unwanted and unused items they could sell
23% of Australians have 30 or more unwanted and unused items they could sell
Over the past year, 85% of Australians have saved items from ending up in landfill by selling them through the circular economy
What are the most popular items to sell?
On average, sellers made a total of $8,107 over the past year, which is an increase of $2,821 from 2021.
The items that sold the quickest and also made the most money according to Gumtree included clothes, shoes, accessories, 17%; games and toys, 10%; electronic goods, 10%; and home décor and furniture, 9%.
Of those who sell unwanted items within the circular economy, 49% spend the money on day-to-day living expenses, 30% save the money for an emergency, and 27% spend money on special items/experiences to treat themselves.
The report also found the most common items Australians would consider buying secondhand include office furniture (40%), dining tables (38%), home décor (38%), and collectables/antiques (35%).
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