the second-hand market will hold its own in the cost of living crisis

The current cost of living crisis in the UK has secured the future of the second-hand market, said Adam Jay, CEO of second-hand platform Vinted, in an interview with British news channel Sky News. This is confirmed by Vinted’s recent report on changing shopping habits, which predicts that £2 billion will be spent on second-hand Christmas gifts this year.

Speaking to the media outlet, Jay said the “trend” of buying second-hand products was “going on anyway,” but added that the rising cost of living may have accelerated the trend. The crisis in Great Britain has further strengthened the “second-hand industry”.

Jay further explained: “I think this trend would have come anyway, driven by a growing awareness among people about overconsumption, sustainable shopping and sustainable consumption. These are deep, long-term developments and I am convinced that they are here to stay. I firmly believe that second-hand can become the first choice in the long term.”

Jay also addressed the “confusion” surrounding new tax regulations that are set to be introduced next year. These require sellers who have sold more than 30 items or goods worth over 1,700 British pounds in the last twelve months to provide their National Insurance Number via the app and share this with the British Tax Office (HMRC).

However, Jay emphasized that this does not mean there is an automatic tax liability as there are currently no taxes on private sales of used goods. He supported the regulatory changes in principle but expressed hope that HMRC would reconsider the thresholds to ensure the right people pay tax and the rules are better aligned with other OECD countries.

“I hope that in all Vinted markets where we operate, the tax authorities will reconsider these thresholds or better adapt them to business models like Vinted’s.”