THE rising cost of living prompts 61% increase in cash made through the sale of unwanted goods.
Australians report earning close to an additional $4,000 per person in the past year through the sale of unwanted goods – enough to cover a household’s entire petrol bill for a year. But there is still cash to be made, with the average Australian holding onto 23 unwanted items, waiting to be sold.
The Second Hand Economy Report conducted by Australia’s number one classifieds, gumtree.com.au, reports a 10% increase in the number of unwanted goods changing hands since 2012. This past year alone, Australians have earned a total of 29 billion dollars, an increase of 11 billion dollars in the last two years.
ARTICLE CONTINUES AFTER THIS ADVERTISEMENT
“Three in four (74.36%) Australians are concerned or very concerned about the rising cost of living impacting their quality of life, so it’s not surprising that Australians are turning to the Second Hand Economy to make some extra cash,” said Niki Hennessy, Gumtree spokesperson.
“There are currently more than 1.5 million listings on Gumtree, with a new ad posted every 1.1 seconds, so there is almost no limit to what you can find online from a recently new car to furniture or baby goods,” added Hennessy.
[blockquote]Gen Y made close to $1,000 more than other generations through the sale of unwanted goods[/blockquote]
Gen Y is the savviest generation when it comes to trading through the Second Hand Economy, with the average Gen Y-er selling $4,730 worth of unwanted goods in the past 12 months, compared to Baby Boomers at $3,748 and Gen X at only $3,011.
Eight in ten Aussies (81.6%) have also saved money by purchasing second hand, with Gen Y once again the thriftiest, spending on average $4,567 in the past year, compared to Gen X ($2,373) and Baby Boomers ($1,000).
[blockquote]88% of Aussies are hoarding unwanted items around the home[/blockquote]
The average Australian is hoarding 23 unwanted items. However, it’s not unusual to have more than this, with one in five Australians (21.8%) claiming to have 40 or more items that they don’t use or want around the home.
Aussie teens are leaving behind unwanted childhood belongings when they flee the nest, with 68% of parents left burdened with their stuff. This equates to $1,740 per household, with the most common items being games and toys (50%) and baby items (33%). Given the average age to leave the family home is 20 years old, this suggests parents have been sitting on their children’s unused goods for decades.
The average household stores up to half a room full of unwanted items, with the shed or garage the most common place for storage:
- Shed or garage (67%)
- Cupboards, closets and wardrobes (62%)
- Spare room (43%)
- Around the house (40%)
[blockquote]68% of Aussies intend to combat the rising cost of living by shopping for bargains[/blockquote]
In addition to selling unwanted items for extra cash, savvy Australians are looking to buy discounted items to ease financial pressures. The most popular items Australians buy second hand include:
- Books (38%)
- Homewares and furniture (26%)
- Vehicles and automotive parts and accessories (26%)
- Antiques and collectables (23%)
It comes as no surprise that these items are amongst the most readily available to buy second hand, with Gumtree citing more than 4.7 million items listed in its Home & Garden category in the past year, with unused electronic goods also popular at 1.7 million listings.
More Australians are turning to the web to buy and sell goods, with nine in ten (87.9%) recognising the benefits of selling unwanted goods online and more than half agreeing it’s a great way to make some extra cash. Other benefits of selling online include:
- Convenience (56%)
- The ability to advertise for free (54%)
- A large number of potential buyers (52%)
Only 6% of the population has had unwanted items valued, while a further one in five are interested in seeking professional advice. To help them out, Gumtree has partnered with celebrity valuers, the Aussie Pickers, to tour the east coast of Australia with the Gumtree Roadshow, giving locals the chance to really see how much their unwanted items are worth through the Second Hand Economy.
[blockquote]You can attend the Gold Coast Gumtree Roadshow at Carrara Markets on Sunday 14th September[/blockquote]