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Ireland’s second hand economy worth €4.5bn

Written by Robert McHugh, on 27th May 2015. Posted in General

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A new report released yesterday has revealed a mass retail movement of hundreds of thousands of people online buying and selling everyday items. 
 
The report, 'Second Hand Ireland', was commissioned by Ireland’s largest classified advertising website, DoneDeal.ie. They estimate that last year alone valued goods traded on their site at over €300 million per month, representing almost 3% of Ireland’s GNP.  This amounts to a sizeable €4.5 billion market in second hand trading activity in 2014.
 
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.
 
While traditional high street retail sales remain sluggish in Ireland, the online second hand Ireland market has witnessed an explosion of activity with growth of 215% over the past 5 years, based on data provided by DoneDeal.  This represents trade growing seven times faster than high street retail sales.
 
The report was launched at an event in the Marker Hotel, with brand managers, advertising and media buying agencies in attendance.
 
The report’s author, David McWilliams, economist and broadcaster 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.

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."

Source: www.businessworld.ie

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