Understanding Regifting: A Growing Trend in the Circular Economy
As the world shifts towards a more sustainable and responsible consumption, the practice of regifting has gained significant attention. Regifting involves selling unwanted Christmas gifts to exchange them for something more desirable or to make extra money. A recent report by Cash Converters, a company specializing in second-hand products, explores consumer behavior in this area.
The Rise of Regifting
The report reveals that 72% of people surveyed would consider selling a gift they didn’t like, a significant increase from last year’s 53%. Moreover, 57% of respondents have already chosen to regift unwanted presents in the past. Interestingly, only 37% would be annoyed if they found out their gifts had been resold.
What Happens to the Money Made from Regifting?
When it comes to investing the money made from reselling gifts, the majority of people opt for indulging in a whim. Only 16% saved the amount obtained last Christmas, while 33% used it to treat themselves. Looking ahead, only 3 out of 10 people plan to save the money if they sell a gift this Christmas.
Who Gives the Gifts That Are Resold?
According to the study, friends and Secret Santa gifts are the most likely to be resold, accounting for 21% and 15% respectively. Gifts from ex-partners and spouses follow closely, making up 14% and 12% of resold items.
What Types of Gifts Are Resold?
The most common items to be resold are mobile phones (21%), jewelry (16%), video games and consoles (9%), computer products (9%), and watches (8%).