The second-hand market in Belgium accounts for a turnover of 1.5 billion euros. That is not counting the second-hand car market. This is apparent from a large-scale study by trade federation Comeos. This shows that half of Belgians bought second-hand at least once last year. Computers and clothing are at the top of the lists of second-hand buyers.
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Bredero already said that things can go wrong. At the beginning of this century, second-hand shops were mainly aimed at consumers who did not have the financial means to buy new clothes or other new consumer goods. But that’s completely different now. There is an increasing demand for second-hand goods. Part of the explanation lies in nostalgia for the past. Thrift stores, now called vintage, refer to the golden sixties. In addition, the theme of climate change and the need for a more sustainable economy is increasingly coming to the fore.
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Who buys second-hand?
49% of adult Belgians bought second-hand at least once last year, which accounted for 1.5 billion euros in turnover in 2021.
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One in three Belgians also looks positively at second-hand. Wearing second-hand clothing is seen as a responsible ecological choice. 30% respond that they buy second-hand because the product is as good as new while it costs only a fraction.
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Consumers who are less likely to buy second-hand tend to be older and more traditional in purchasing behaviour. This group represents 31% of the population. Only 1 in 5 of this traditional group bought second-hand in the past 12 months. This is increasing for the new generation: 60% say they bought second-hand in the past year.
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Positive consumers represent an important growth potential in the coming decade. This group will increasingly allow its purchasing decisions to be influenced by product benefits linked to sustainability.
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What do we buy second-hand?
If we look at turnover (excluding the used car market), the second-hand computer market with 332 million is the largest category, followed by second-hand fashion, which is estimated at 324 million euros, of which 69 million is sold through online marketplaces. Television & audio is in third place, worth 196 million euros. Furniture in fourth place with 140 million euros. Smartphones and tablets are in fifth place (134 million).
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Books are only in seventh place in turnover with 93 million euros, but in number of buyers, books are in first place with 1.8 million buyers who have purchased a book second-hand at least once.
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The market share of second-hand clothing in specialized stores and marketplaces already represents 5% of the total clothing market. Online marketplaces for second-hand clothing in particular enjoy (?) an increasing reputation.
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The willingness to sell second-hand clothing appears to be greater than the willingness to buy second-hand clothing.
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Sharing economy is also booming
The sharing economy is already well established among the new generations of consumers. While an average of 4% of Belgians use shared cars, bicycles or scooters, we see that this is more than twice as high among the ‘new generation of young adults’.
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New generations, regardless of their purchasing power, have incorporated the sharing of cars, bicycles, tools into their habits. Possession of goods is replaced by their use.
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The Comeos survey was conducted by research agency Shopperware among 600 Belgians in the month of February 2022.
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