The company specializing in the sale and purchase of used products, Cash Converters, has launched a report where it analyzes consumer behavior in the used goods market in Spain for the year 2023.
The pandemic, tangible climate change and growing concern about the degradation of the planet have prompted us to rethink our lifestyle and consumption habits. Sustainability has become one of the drivers of change and the circular economy has gained prominence in recent years.
Little by little we are running away from the massive and compulsive consumption and the great desire to invent a new brand. Thanks to this, buying and selling used items has become an everyday thing that reaches all generations thanks to players in the flea market such as cash converters.
This report indicates where consumption is headed, how consumers are behaving, or which groups are most in demand:
Trends in the flea market in 2023
- What will you buy more
Although there are certain segments in which the public always shows interest, such as consumer electronics – smartphones, laptops and tablets – the truth is that month after month there is a growth in demand from some other families related to leisure and “urban lifestyle”, Such as electric scooters, digital cameras, musical instruments and game consoles.
- Electronics, the star
As noted, used products have a positive growth trend year over year, which in the case of consumer electronics is about 15% in 2022. For 2023, it is estimated that this vertical segment continues to grow at twice the rate. Numbers, even better data for 2022.
- What will sell more
Selling used smartphones is undoubtedly the fastest growing category. The used cell phone market has been democratized and it has become common to sell a phone in order to exchange it for another with better features. Lack of memory or space in the smartphone or searching for a mobile device with better functionality and features are some of the reasons why consumers dispose of their old smartphones in this way. This trend is repeated with other similar products, such as televisions or computers.
- Dedication
Until a few years ago, this practice was unthinkable in our country, but recently it has been discovered that more and more people are giving this outlet for gifts that they don’t like. Re-Uplift consists specifically of re-gifting. We no longer keep what we don’t like, but we choose to give a second life to those gifts we don’t like, we can’t change them, we have duplicates or we won’t need them, for extra money. Based on the latest recorded numbers – January 2022-, Cash Converters have recorded a significant increase in acquisitions of their products. The number of consumers who went to Cash Converters, both in its stores and on its website, as of January 6 to resell items, increased so dramatically that products purchased by Cash Converters from those users increased by 15%, compared to previous months’ numbers.
- Used gifts
More and more consumers choose to abandon second-hand products, shedding prejudices from another era. The products most likely to be abandoned are growing exponentially: video games and consoles, jewelry, smartwatches, ukuleles…
- vintage in fashion
Reel cameras, vintage keyboards, landlines, pocket watches, record players, vinyl records, typewriters … Retrotechnology is a concept that seduces more and more decor-loving buyers every day. These items are collectors’ gems, but they’re also highly sought after by the public eager to see how the technology worked at its origins. Old fashioned taste is back, for old hard-to-find technology and for buying products in good condition and in full working condition to give them a second life.
- Accurate ordering in case of a possible shortage
When the manufacturing or logistics of an article goes through some ups and downs, this ends up affecting the end consumer, who cannot find what they are looking for in the market for new products. In practice, this translates to dumping consumers from one market to another. For example, the shortage of the new PlayStation 5 console caused its price to skyrocket on peer-to-peer platforms, and even became more expensive than the same new product, which led to speculation. In other used platforms where the product is certified, such as cash converters, the price was guaranteed to be 35% cheaper. Increased demand for PS4 and Nintendo Switch consoles and video games was also detected.
- Also used jewelry.
The current rate of extraction of precious metals is beginning to be unsustainable for the planet’s reserves. In this scenario, it aims to avoid the extraction of new precious metals to create new jewellery. To do this, it is now the norm to launch sustainable jewelry collections made of 100% recycled gold.
- Reasons to return the consumer
If the main reason to get rid of the product and sell it conventionally is the economic motive, a survey conducted by Cash Converters in 2022 cited concern for the planet and more sustainable purchases as the second motive for purchasing used products.
- New consumers in the used market
Although the Second Hand has followers in all generations, they are the most distinguished in their perseverance They are Minennials and Generation X, that is, those between the ages of 30 and 55. However, it is the younger generation Z (today it is up to 24 years old), who have easily shed used prejudices, who have chosen more for this market out of a sustainable and cheaper purchase. “The used goods market has developed a lot in recent years and consumer demand is increasing for the items they buy. The fact that it is a used product is divorced from the idea that it will not last long or that it is defective but it works. New customers will demand a certificate from the used platform through which they acquire that the product they They buy it, even if it is between individuals, it works properly and has a guarantee, as is the case with new products. Óscar Llorente, Category Manager for Cash Converters.
“Beer enthusiast. Subtly charming alcohol junkie. Wannabe internet buff. Typical pop culture lover.”