Gumtree’s Guide To Buying And Selling In The $34 Billion Second Hand Economy

Learn to earn money from your unwanted items, and also help reduce waste from choking the landfills

Gumtree's Guide To Buying And Selling In The $34 Billion Second Hand Economy

Spring is round the corner, which means it’s time for spring cleaning…and making some good money on the way. Confused? Let’s find out more about an excellent means of earning money and being environmentally friendly, with a little help from Gumtree.

According to their Second Hand Economy report, this particular type of economy (you know, the second hand economy) is worth a whopping $34 billion, and everyday Aussies can earn a share of it too. Unfortunately, the research also shows that 50% of Australians are throwing unwanted items in the bin!

Which is why this year, Gumtree wants to help you sharpen your skills with this side hustle that’s feeding a multi-billion dollar sub-industry. They’ve got several leading experts giving their tips, including:

  • Canna Campbell (from SugarMammaTV, one of Australia’s leading money experts).
  • Kyal and Kara Demmrich (former Blockheads, and home and interior design experts).
  • Trevor Long (technology commentator and gadget guru).

Also on board are sustainability organisations, revealing the potential value that Aussies stand to make from peer-to-peer trading in Australia.

Key data points from the report suggest that:

  • Australia’s second hand economy is worth $34 billion.
  • 89% of Aussies have unwanted items in their home, with the average household holding onto approximately 25 items. Guilty as charged!
  • Aussies with unwanted items stand to make close to $4,200 per household.
  • 50% admit to throwing items away due to being time poor – that’s like throwing money in the bin. Sort of.
  • 1.3 million Australians joined this sub-industry for the first time by selling second hand items online in the last 12 months. And now you can too!

Of course it’s possible that you, like many Aussies, are donating or selling old items. But if you’ve ever thrown away old goods like clothing, shoes and accessories, books, music, DVDs and CDs, games and toys, and electronics, then you clearly belong to the other half.

Martin Herbst, Gumtree Australia’s General Manager, said, “The second hand economy is a multi-billion dollar sub-economy which brings communities together, contributes to Aussie’s back pockets, supports not-for-profits and reduces waste from going to landfill. Any time you donate, swap, buy or sell a used or unwanted item, you’re part of the second hand economy.”

In the past year, over 56% of Australians have sold second hand items, with almost all Australians (90%) purchasing a second hand item at some stage. The most commonly sold second hand items include clothing, shoes and accessories, home décor and furniture, games and toys, and electronic goods.

It seems that as a whole, Australians are late to the second hand economy gig: 1.3 million Australians joined this sub-industry for the first time by selling second hand items online in the last 12 months. Unsurprisingly, millennials are most likely to make money off their unwanted items (61%), as compared to 54% of Gen X and 51% of Baby Boomers. Millennials have also generated more from the sale of their items ($1,958), than Gen X ($1,637) and Baby Boomers ($910).

People are also getting more environmentally minded, with 66% Australians citing reduction of waste and recycling useful items as a key benefit of buying and selling items second hand.

The second hand economy is a multi-billion dollar sub-economy which brings communities together, contributes to Aussie’s back pockets, supports not-for-profits and reduces waste from going to landfill.

This year, Gumtree has also officially partnered with Garage Sale Trail – Australia’s biggest annual community and reuse event.

So if you’ve never participated in the second hand economy due to lack of time or because you were uncertain about what items in your household are worthwhile selling, then Gumtree’s step-by-step guide (with how-to videos and tips from experts on selling and buying via the second hand economy), will come in handy.

To learn more about the second hand economy, visit the Gumtree website.

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