Rising cost of Christmas drives second-hand selling boom – London Business News | Londonlovesbusiness.com

New research from Virgin Media O2 Business and Depop reveals 23.8 million Brits turning to online second-hand selling platforms, with over two thirds (69%) worried about Christmas affordability.

At-home entrepreneurs are earning an average of £146 a month (£1,752 a year), enough to offset the UK’s average energy bill, while also contributing to the circular economy.

As 43% of Brits cut back on non-essential purchases, second hand shopping has become more important for a quarter of shoppers. In the past three months, one in five (22%) have increased their use of second-hand shopping apps, with clothing (68%) the most popular purchase followed by books and media (33%) and electronics (27%).

At-home entrepreneurship is thriving, with over a third (35%) selling belongings online in the past three months, rising to more than half (54%) of Gen Z (18-24-year-olds). These figures come as more than two-thirds (68%) of Brits look for ways to save or make additional money.

Vivien Tang, founder of Vivien’s Vintage, highlights the impact selling preowned products has had on her way of life. Starting as an online Depop seller in 2016, Tang has since opened a physical shop at London’s historic Brick Lane Vintage Market in 2023.

Vivien Tang, founder of Vivien’s Vintage, said, “I’ve been selling on Depop for around eight years – it was one of the first cool and aesthetic selling platforms when I started, with a tailored algorithm that filters clothing on your feed for more relevance. But now, more people are actively searching for great second-hand finds. This in turn has helped grow my shop, as people want to cut the time searching and go to a reliable shop that fits their aesthetic.

“Depop and social media have helped me transform my online shop into my main source of income. I’ve been able to reach customers around the world online while also opening my own stall at the Brick Lane Vintage Market – something I’d never dreamed was possible. Being able to sell both online and in person has been a real gamechanger.”

Top tips for at-home entrepreneurs this holiday season

With about a week left until Christmas, Virgin Media O2 Business and Depop are revealing their six top tips to help at-home-entrepreneurs capitalise on the festive season.

1. Take good photos: Photos are an essential part of any Depop shop.
2. Write accurate descriptions: Writing clear, accurate descriptions for your items is important to help you successfully sell on Depop. Depop offers an AI description generation feature, using image recognition and generative AI technology to fill in your listing with popular item attributes, by uploading just one photo.
3. Build your personal brand: Having a consistent look for your photos can help your buyers understand what your shop is all about.
4. Use hashtags wisely: Use hashtags in your item’s description to increase its visibility on Depop.
5. Be open and honest: If buyers have questions about the items you have for sale, the best way forward is to be open and honest with them. Let them know about an issue with sizing, flaws, or details on the item.
6. Be responsive: Wherever possible, be quick to reply. Good mobile and Wi-Fi connectivity is essential to get back to potential buyers as quickly as possible.

Kimberly Wyatt, second-hand clothes lover and broadcaster says, “The holiday season is the perfect time to think about our impact on the planet. I’m a big advocate for second-hand buying and selling—it’s a simple yet impactful way to support sustainability and create a circular economy in today’s fast-paced, fast-fashion world.

“Online platforms like Depop make it easy, inspiring, and budget-friendly, whether I’m refreshing my wardrobe or keeping up with the pace at which my three kids grow out of their clothes. It’s also a great way to make a little extra income while giving preloved items a new life. Thoughtful, stylish, and practical—it’s a win for both the planet and everyday life.”

Ross Pearson, Head of Small Enterprise at Virgin Media O2 Business, adds, “Online second-hand marketplaces have powered a new generation of entrepreneurs. Anyone, anywhere can start a business from the comfort of their own home, powered by connectivity. Not only are they then able to make an income, they’re also sustainably giving products a second lease of life.

“At Virgin Media O2 Business, we are proud to be able to support not only businesses that have physical stores, but also at-home-entrepreneurs. Connectivity has the power to supercharge businesses, helping them reach customers around the world.”

Steve Dool, Director of Brand and Marketing at Depop says, “With over 180,000 new listings a day, there’s no shortage of unique and trending pieces to discover on Depop across a broad range of second-hand styles. Depop is for anyone and everyone who is open to exploring their personal style, no matter what initially brings them to the platform. We’re excited to be able to offer our community of sellers and buyers more value for money and incredible inventory, whilst also helping to keep clothes that already exist in circulation for longer.”