Online marketplace eBay predicts that shoppers will turn away from new products this Black Friday and over the festive season to save money.
The latest research from the ecommerce giant reveals that 52% of people will be shopping for second-hand or refurbished products this festive season, with saving money as the top incentive, 56%, for changing their shopping preferences.
This Black Friday, consumers are also intending to spend over £100 less on average than last year as inflation bites and anxiety about the cost of living soars.
In fact, if everyone shops for only pre-loved or refurbished items, eBay says that the nation could save £8 billion per year, equating to as much as £280 per household.
In 2021, 8 out of 10 best-selling Black Friday deals purchased on eBay were refurbished.
Following its pre-loved fashion sponsorship of Love Island earlier this summer, eBay is “continuing to demonstrate its commitment to driving better shopping habits” with a new approach to Black Friday.
As a result, the marketplace has revealed it will only promote refurbished and pre-loved deals for Black Friday this year across all its marketing content.
In addition, customers can expect refurbished items like laptops, phones, vacuum cleaners and furniture up for grabs, alongside deals on pre-loved fashion from top brands.
“In its current form, Black Friday is broken, but it’s not too late to make it relevant for today’s consumer,” eBay UK general manager Murray Lambell said.
“While it was first introduced to offer consumers big savings ahead of the festive period, it no longer delivers on that promise of value. For shoppers, it creates a frenzy with a ‘buying for buying sake’ mentality.
“The cost of living and climate crisis presents new parameters as consumer shopping habits continue to change, as we’ve seen a sharp increase in purchases for pre-loved and refurbished.
“We know there’s a better way that we can do Black Friday together. We hope to inspire the nation to think differently when they’re doing their Christmas or Black Friday shopping this year – if they buy one or two pre-loved or refurbished items to start with, it’s a positive step that allows products to take on a new life by keeping them out of the landfill.”