A new report has found that as the cost-of-living continues to climb, the second-hand economy is experiencing a surge here.
PayPal's "Resale Renaissance" report shows that people are selling their unwanted or unused items to supplement their income, while 12% of those who buy preowned items do so in order to upcycle and sell on.
The report reveals that 47% of people across the country resell their second-hand goods, with money earned from reselling unwanted items over past 12 months estimated, on average, to be approximately €598.
Gen Z led the way with earnings from reselling items over the last year, coming in at €844, PayPal noted.
In terms of what is driving Irish second-hand shoppers, PayPal said that saving money was the leading reason for 59% of people, followed by the drive to find a real bargain (41%).
For others, buying second hand is a conscious choice with 33% choosing second-hand to be more sustainable and 31% doing so to reduce waste.
Today's survey also reveals that 78% of Irish consumers purchase preloved items and the average consumer makes such purchases 20 times a year.
Gen Z are most active in this area (average of 26 times a year), followed by Millennials (21 times a year).
Buying preowned items was most common among respondents from Longford (66 times a year), Roscommon (61 times a year) and Donegal (46 times a year).
Meanwhile, PayPal said that clothes (46%), books (23%) and furniture (22%) were the top of people's thrift shopping lists.
The PayPal study also found that the preferred channels for purchasing preowned items were charity/thrift shops (51%), online and mobile marketplaces (35%), and social media (32%).
But it noted that while demand for second-hand goods is high, the second-hand economy is not without its concerns, with 84% of people worrying about dishonest sellers and the quality of preowned items.
Maeve Dorman, Senior Vice President with PayPal Ireland, said that with prices soaring, it is no surprise we're seeing a boom in the second-hand economy.
But she added that both buyers and sellers want - and should have - security, flexibility and confidence when it comes to managing transactions, making payments and taking control of their own budgets.
Today's report was conducted by Censuswide and involved more than 1,000 consumers across Ireland.
