Monday 25 May 2020

Salma Anabtawi

60pc in UAE ‘engaged in second-hand market’

DUBAI, May 13, 2019

Sixty per cent of UAE residents have engaged in the second-hand economy in the past six months, either through buying or selling (or both) a used item during this period, said dubizzle, a leading online classifieds platform.

With over two million monthly active users, dubizzle is the leading trusted classifieds platform where users can buy, sell, and find anything from furniture, electronics, home appliances, art, and more. The dubizzle platform had live listings worth more than Dh352 million ($98.5 million) on 30 April 2019 - this is equivalent to the cost of a top of the line private jet, or the cost of building two Dubai Frames.

Dubai was the largest market, with Dh166 million worth of live listings on this day, followed by Abu Dhabi with Dh88 million, Sharjah with Dh58 million, and Ajman with almost Dh40 million.  

The poll which ran on dubizzle from in the last week of April 2019, explored the habits and motivations of respondents’ participation in the second-hand economy.

Thirty-six per cent of poll respondents sold a used item in the past six-months. The poll also revealed that used electronics (32 per cent) were the most sold items in the second-hand market, followed by home and garden equipment (25 per cent), child and baby items (9 per cent), sport and outdoor items (7 per cent), fashion and beauty items (7 per cent), business and industrial supplies (5 per cent), and art, books, DVDs, toys and games (4 per cent).

When asked about the main reasons behind selling used items, respondents highlighted that a key motivator was the quick turnaround of cash – 22 per cent needed extra cash urgently, while 19 per cent needed cash for a lifestyle upgrade. Other reasons for selling included relocating (17 per cent), decluttering (16 per cent) and wanting to extend the life of their items (16 per cent).

Respondents who did not sell any used items in the last six months stated that they did not have any items that they could sell (29 per cent). Respondents also shared that they usually pass their pre-loved items to family and friends (16 per cent), did not think of selling their second-hand items (13 per cent), did not think that they would attract enough interested buyers (10 per cent), did not know what price to ask for their items (9 per cent), thought the process was inconvenient (8 per cent), or just preferred to recycle (6 per cent).

However, when all respondents were asked to estimate how many unused items they have in their homes, 72 per cent said that they had one to 10 items, 13 per cent said 11 to 20, 4 per cent said 21 to 30, and 9 per cent said that they had over 30 items.

More than half (56 per cent) of the respondents believe that these items could be worth up to Dh1000, 16 per cent between Dh1000 – Dh2000, and 27 per cent believed that they could be worth over Dh2000. This could fund a luxury staycation for one night at the Burj Al Arab, or even flight tickets for a weekend getaway.

“People have more unused items in their home than they think, but what they don’t realize is that they are sitting on an opportunity to supplement their earnings. Through buying or selling unused items, we can create a more sustainable and economical community,” commented Salma Anabtawi, Head of Customer Experience at dubizzle.

Forty-four per cent of respondents purchased a used item in the last six months, said the poll, while revealing that used electronics (39 per cent) were the most purchased items in the second-hand market, followed by home and garden equipment (33 per cent), sport and outdoor items (6 per cent), child and baby items (5 per cent), and fashion and beauty items (3 per cent).

More than half (53 per cent) of the respondents made these purchases to upgrade their lifestyle, while 17 per cent aimed to give the items a longer life, 14 per cent bought the items to re-sell at a profit, and 6 per cent bought to treat their loved ones.

Respondents shared that the main reason for not buying used items in the last six months was that they had never thought about buying used items (29 per cent). Other respondents preferred new items (21 per cent), were not confident that they could get a good deal on the used item (16 per cent), thought that the process was too much work for what they expect to get out of it (11 per cent), or were uncomfortable exchanging a used item with someone they do not know (8 per cent).

“When looking at the items being sold and bought through second-hand platforms, whether through dubizzle, social media or print classifieds listings, big ticket items tend to get the majority share,” said Anabtawi.

“However, the second-hand market has a large number of items across different categories and price ranges, which does not only offer value for money but also has environmental benefits. At dubizzle, we constantly work to encourage more sustainable behaviours among our users and provide a range of tools to help fuel the second-hand economy,” concluded Anabtawi. – TradeArabia News Service


More Finance & Capital Market Stories

calendarCalendar of Events