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Ireland’s Second-Hand Economy Flourishes

With retail sales figures still remaining sluggish, it would appear that Ireland’s “second-hand economy” is thriving and is worth around €4.5bn a year according to a new report published by DoneDeal.ie. This equates to almost 3% of GNP, according to the report’s author, the economist David McWilliams.

The report, “Second Hand Ireland,” was launched at an event held in the Marker Hotel which was attended by Ireland’s leading brand managers, advertising and media buying agencies.

According to DoneDeal.ie, goods worth around €300m a month, were traded every month on its website in 2014. The website also points out that it has witnessed growth of 215% over the past five years.

Speaking at the event, McWilliams, said, “the Irish economy has reached a tipping point. What started out as a small bunch of online traders has become a mass retail movement. This is changing the way we shop, forever. The figures for the volumes buying and selling through the DoneDeal site alone are truly staggering and the long term impact of all this commercial activity on the economy will be extraordinary.”

He continued: “For the economy, it creates a whole new tier of value and activity which contributes enormously to people’s income – and, most interestingly, this income recurs every time something is sold, creating a massive new multiplier for the national economy.  Second hand Ireland is not only here to stay, it is the future and it is growing exponentially.”

The report puts a focus on the second hand Ireland economy through the eyes of DoneDeal’s data and provides interesting insights into how over half a million consumers are using DoneDeal in their daily lives and their buying and selling behaviours.

DoneDeal.ie has an average of 157,000 adverts placed on its site each month, across its 207 sections.  The three most popular sections in terms of adverts placed last year were Motor (46%), House & DIY (17%) and Electronics (8%). When it comes to the five most popular searches last year, ‘BMW’ came out on top with 2,244,638 searches, followed by ‘John Deere’ on 792,020 searches, ‘iPhone’ with 475, 902 searches, ‘Sofa’ with 421,808 searches and ‘Bike’ with 154,309 searches.

Over the past number of years there has been a big shift from desktop use to mobile platforms when accessing sites like DoneDeal.ie. Latest figures revealed in the ‘Second Hand Ireland’ report indicate that 57% of DoneDeal visits are now done through the DoneDeal app and the mobile web, which indicates the real significance of mobile as a channel of choice for consumers.

Commenting on the launch of its first ‘Second Hand Ireland’ report, John Warburton, chief executive, DoneDeal, said: “The report truly lifts the lid on the significant growth and contribution which the second hand market and online sites like DoneDeal.ie are making to the economy and to the lives of hundreds of thousands of Irish people. For many people, it is clear that the DoneDeal site can be a great place to start trading all sorts of items or when looking to turn clutter into cash.  With over half a million visitors to the site every day, DoneDeal also provides a cost effective, targeted and prime shop window position for many brands to engage directly with the active community of Ireland’s traders throughout the country.”

Copies of the full report can be downloaded from the website, http://tomorrowsireland.ie

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