The trend of second hand shopping continues to grow in Sweden, according to Svensk Handel's Pre Loved indicator for February. The Pre Loved indicator provides a monthly overview of second hand consumption in Sweden.
Second hand sales reached 1.7-billion SEK in February, marking a significant increase compared to the previous month. Additionally, more transactions occurred online than in physical stores, as revealed by Svensk Handel's Pre Loved indicator for February. In February, the total turnover for the segment amounted to 1.7-billion SEK, with over 60 percent, or slightly over one-billion, attributed to online sales. Furthermore, there was an increase in the number of consumers engaging in second hand shopping, with three out of 10 making purchases.
Photo © Thomas Gowanlock | Dreamstime.com
Second hand commerce becoming increasingly popular
'The growth observed in February reaffirms the enduring presence and increasing popularity of second hand commerce. More individuals are recognising the economic and environmental benefits of consuming from this segment, leading to expectations of stable growth in the coming months, especially with the arrival of spring,' says to Maria Mikkonen, Chief Economist at Svensk Handel.
Second hand shopping is popular across all age groups, prompting calls for a reduction in VAT. Recent statistics from Svensk Handel's Sustainability Survey show that the second hand trend is on the rise among all age demographics. Eighty-five percent of consumers (below the age of 49) engage in second hand shopping, compared with 61 percent of those aged 50 years or older.
These statistics underscore the momentum the segment is experiencing. However, there are still obstacles preventing both consumers and retailers from fully embracing second hand commerce.
Second hand commerce has huge potential in the market
'It is unfortunate that second hand commerce is not prioritised by the government. With the right opportunities, second hand commerce has the potential to expand further within the market. There are significant market shares available for both small and large companies to capture, but favourable conditions are necessary for this to occur. Double taxation on used goods hinders the transition to a more circular economy,' states Maria Mikkonen.
A new method for the Pre Loved indicator enhances its accuracy, allowing for individual estimation of turnover for more product categories. Furthermore, the new method enables separate reporting of turnover in online versus physical retail. This methodological advancement results in a higher estimation of total turnover compared to previous measurements. As a result, adjustments may be made to data from previous months.
More information:
Svensk Handel
www.svenskhandel.se