To defray costs in the most expensive city in the world to live in, citizens of the city-state are gung-ho on buying pre-owned goods, says GumTree
Which industry is all set to go, ‘Boom’ ? According to research from GumTree in Singapore, it might just be the second-hand goods market.
To defray costs for what the the Economist Intelligence Unit (EIU) terms as the most expensive city in the world to live in, Singaporeans are looking into second-hand goods. Startups like Carousell, which markets itself as a simple way to sell the unused and under-used clutter in your life, are capitalising on this trend; so are more established businesses such as Gumtree.
Gumtree conducted a study in February 2014 to understand this trend. It polled 1,000 Singaporean adults; of which 52 per cent were female and rest were male.
More than 80 per cent Singaporeans are already purchasing pre-owned goods, while 76 per cent of them are selling goods they no longer need. In addition, more than half of those surveyed intend to continue purchasing pre-owned items in the near future. The most popular pre-owned items in terms of trading volume are clothes, accessories, consumer electronics, furniture and books.
Additionally, the research shows that online sites such as forums and classifieds websites are fast-becoming the preferred platform for trading second-hand goods due to their hassle-free and immediate nature. In Singapore alone, Gumtree has over 600,000 unique visitors and over 10 million page views every month.
The key is ease of use. People can post an item for sale in just a few easy steps without requiring sign-ups. With mobile integration, users can also buy and sell on-the-go as well.
“Our observations show that Singaporeans are increasingly leveraging the second-hand economy, with Gumtree.com.sg registering almost a 100 per cent year-on-year growth in online traffic, and more than 10 trading activities being monitored on the website every minute,” said Terry Wong, Regional Product Director, Gumtree Singapore.
Gumtree was founded in 2000 as a community site in London to help Australians, New Zealanders and South Africans find a job, a place to stay and everything else needed to settle in, including furniture and new friends.
For more on the study, check out the infographic below: