Millennials aged 25-34, the largest contributors to the Recommerce Economy, spent an estimated £1.95bn on second-hand items in the past year, constituting more than a quarter (28%) of the total. Credit: Ronnie Chua via Shutterstock.

The trend of shopping more sustainably in the UK has made a significant contribution to the country’s economy, according to a recent analysis by Barclaycard Payments in partnership with Development Economics.

The study combined consumer responses with demographic data to calculate the value of what is known as the Recommerce Economy.

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In the past year, Brits have spent more than £5.92bn ($7.17bn) on second-hand products and an additional £1.07bn on renting items for temporary use instead of buying new ones, the study revealed.

This shift towards sustainable shopping behaviour has boosted the UK economy by £6.99bn.

Growing popularity of second-hand shopping

The study found that the sustainable shopping trend is on the rise. Over 44% of respondents reported purchasing more second-hand items than they did a year ago, and an additional 57% stated that their re-commerce shopping habits have remained consistent.

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This data suggests that this shift in consumer behaviour is here to stay.

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The rising cost of living is the primary motivator behind this shift in consumer behaviour, with 62% of respondents stating that it has caused them to be more mindful of their purchases, marking a 19% increase from the previous year.

Other key factors motivating sustainable shopping practices include a desire to be more eco-friendly (43%) and accessing items that would typically be financially out of reach (22%), such as designer goods.

On average, Brits make £25 per month from selling their unwanted possessions on online marketplaces or at in-person events like car boot sales.

Surprisingly, 23% of those who resell items also use the proceeds to purchase second-hand items for themselves. In response to the ongoing cost-of-living challenges, 21% allocate the extra income towards monthly bills, while 15% put it into a separate savings account.

Gen-Z leads the way in sustainable shopping

Among the age groups, Gen-Z adults (aged 18-24) are particularly enthusiastic about shopping for second-hand items, with 30% viewing them as ‘more fashionable.’

They are also attracted to the idea of owning clothes and accessories that their peers are less likely to have (31%).

Younger millennials (aged 25-34) are the largest contributors to the overall re-commerce economy, accounting for an estimated £1.95bn in spending on second-hand items in the past year and making up over a quarter of the total (28%).

In contrast, those in the baby boomer generation (65-74 years) contributed £602m, or 9% of the spending.

By analysing re-commerce shopping trends, Barclaycard Payments and Development Economics have identified the top five sectors contributing the most to the re-commerce economy in the last 12 months.