A Look at Canada’s Second-Hand Economy

Are you contributing to Canada’s second-hand economy or do you consider the transaction of used products a waste of time and effort?

Not too long ago, most of us regarded second-hand products as well second hand and second rate.
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However, with the new trend of classified advertising websites such as craigslist and Kijiji, consumers are now becoming more aware and attracted to buying used products. According to reports, Canada’s second-hand economy is now worth more than $30 billion. The second-hand economy is defined as the transaction of used goods that are either sold or purchased. In these harsh economic times, the growth of the second-hand economy in Canada has improved the activity and well-being of many citizens.

Kijiji has found that more than 70 percent Canadian residents bought or sold second-hand products in 2015 and a total of 18.5 billion products were either sold or bought on the popular consumer website.

21089237629_2690b5b231_bAccording to the reports in the Kijiji Index, more consumers opted for second-hand clothing, shoes and accessories than any other items. Around 32.5% of transactions involved these products while used books, CDs and DVDs came second place at 18.5%. The report also suggested that used baby goods were also favorable by consumers and involved 9.9% transactions.

maxresdefaultThe report also highlighted that around 77% of consumers who purchased from classified ads website did it to save money. It also established that more than 70% participated in Kijiji and similar classified ads website in order to dispose products that they no longer used and need. Consumers that were questioned also agreed that the products that they bought from Kijiji, Craigslist, and Instagram were 48 percent cheaper. Of course, many consumers who sold their unwanted or unused products through these websites were able to purchase new items for their use that they were not financially able to without the added money.

 

The second-hand economy also proved to be quite beneficial for an average 4-person Canadian family. According to the reports, an average Canadian family saved $1,150 per year from selling and buying through classified ads. Not only that, but the Canadians are enhancing the life of thousands of objects by reusing them and making sure that they don’t end up in landfills.os25025tifbasketofsportinggoodscolorhorizontalvertic2

The Kijiji’s report also made a statement about their prevalence in the Canadian market. According to them, more than 12% of their sales were from Canadian residents while Craigslist reported only 2.5 users from Canada on their website.

The Kijiji’s index report is updated every year. The analysts have also claimed to explore the trends of the second-hand economy more thoroughly in the coming months in order to understand the buying and selling habits of the consumers from different cultures and areas.

 

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