A colossal £2 billion is expected to be spent on pre-owned gifting this Christmas and is an indication of just how consumers have embraced this growing and now mainstream secondhand market.

Supporting the view pre-owned is “here to stay”, Adam Jay, the CEO of major player Vinted Marketplace, told Sky News: “I’m sure the cost-of-living crisis has been a boost… But I do think this trend was happening anyway because of people’s consciousness around overconsumption, around sustainable buying and sustainable consumption. I really think secondhand can become the first choice ultimately.”

A report by Vinted and Retail Economics found that secondhand shopping will account for just over 10% of all gift spending, bringing us that spending figure of £2 billion. More than 80% of consumers also said they might spend some of their budget on pre-owned gifts this year.

According to the report, shoppers are also selling their own belongings to fund Christmas gifts, with 43% selling online.

More are planning to increase how much they buy secondhand too with 35% expected to buy more in the next five years.

Vinted’s online marketplace for buying and selling pre-owned items made its first annual net profit last year of £15 million while the retailer’s revenue rose by 61% year on year, a further reflection of the importance of pre-owned.