The Gen XY Lifestyle
Stretch Your Dollar By Trading Second Hand Goods
Community site and platform Gumtree recently released survey results pointing towards a growing and thriving second hand market in Singapore.
According to their study, “more than 80% of Singaporeans are already purchasing pre-owned goods, while 76% of them are selling goods they no longer need. In addition, more than half of those surveyed intended to continue purchasing pre-owned items in the near future”. The more popular categories from the survey of 1000 respondents with a median annual household income of SGD 71,098 were books, clothing and accessories, consumer electronics and furniture.
Gumtree segmented their study data specifically for The Active Age and found that the top categories of second hand goods bought and sold included books, electronics and furniture. The top category of second hand goods bought (38% of people who buy second hand goods) and sold (41% of people who sell second hand goods) was consumer electronics. They also found that active agers, on average bought about SGD 114.75 while selling SGD 84.83 worth of second hand goods.
Mr Terry Wong, Regional Product Director, Gumtree Singapore shared some specific observations about active agers.
According to Mr. Wong, online classified websites such as Gumtree is a perfect platform for active agers to stretch their dollar by finding discounted pre-owned items that are still in great condition.
Through the survey, buyers also noted that they were able to find rare collectibles or out-of-stock items through the second hand economy. Mr. Wong shared that community building and reaching out to groups with similar interests are also top of mind, as Gumtree also serves as an effective channel for active agers to build a close community with common interests, such as with antiques and collectibles.
Whether as a means to defray rising costs of living or a way to build on a hobby and shared interests with friends, active agers can look towards the second hand economy to explore as a means to stretch their dollars and to get access to products that might otherwise no longer be available in the retail market.
Gumtree caters to audiences of all ages and is available through a web browser, or through their Android and iOS mobile apps. Customers can register a profile, set up ads to sell or browse for items to buy. The entire process is managed online until customers decide to view, pay and collect their items. Additionally, through the mobile app, sellers and buyers can communicate direction through instant message, helping them to negotiate and discuss the deal directly.
Readers interested but worried about buying and selling online can read up on some tips provided by Gumtree here. They cover the basics such as recommending that no exchange of money should be done until the buyer is satisfied with the item as well as not sharing personal banking information such as credit card numbers over the internet. And there is the old favourite that is probably the most important: “If something sounds too good to be true, it probably is”.
Infographic provided by Gumtree. Click to view or save image.
