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Selling Old Stuff – You’ve probably heard about the second-hand economy.
You might be familiar with how it works － selling, buying, swapping or exchanging used goods.
But you might not know is how much you can actually make using it.
In the United States, the secondhand clothes market has grown 21 times faster than retail sales of new clothing, over the past three years.
As of last year, the entire sub-industry was valued at $34 billion in Australia alone.
Where to Start Making Money Selling Old Stuff?
Let’s face it, not everything we want to buy needs to be brand new.
Making due with what you have or buying secondhand are key components of slowing down and enjoying a more minimal lifestyle.
Purchasing used or second-hand goods is good for the environment plus your wallet.
According to research by Gumtree Australia, 90% of Aussies have purchased a second-hand item at some stage.
62% of Australians buy something secondhand at least once a year, saving almost half the cost of what they would pay for a new item.
But what about getting rid of old stuff?
According to the Los Angeles Times, the average American home has 300,000 items.
Even more, one in ten Americans rent an off-site storage unit as reported by New York Magazine.
Donating to charity is a good way to clear out your clutter and help others at the same time.
Do your research before you choose a charity and donate items the charity can actually make use of.
There are certain rules and guidelines on what sort of clothes and items charities accept.
Many people are not aware of this, which leads to charities being flooded with clothes they cannot process.
Still, in most cases, if it’s wearable, it’s better to donate clothing than throw it away.
Per Huffington Post, the average American throws away 65 pounds of clothing per year.
In this day and age, we also can’t ignore the possibilities that the Internet provides!
For most people looking to sell off second-hand items, heading online will be their first point-of-call.
According to Gumtree Australia, 88% of people prefer selling their used things online.
Using various online platforms allows you to sell almost anything to anyone in the world.
You are not limited to a certain location, it doesn’t take much time and you can make some good money doing so.
Let’s Talk Numbers ~ How big is the Second-Hand Economy
Now that you know that the second-hand economy is something you should pay more attention to, let’s discuss how much you can actually make selling items you are no longer using or no longer want.
It’s estimated that around 100 million used goods were sold online in the past year.
Depending on where you live, there are trusted online marketplaces you can use.
These include Ebay and Craigslist. In addition, there are forums on Facebook for local sellers.
There are specialty sites as well that focus on certain types of products.
Etsy may be a place for you to sell as well.
You can choose an online platform in which you mail the item.
Other, more local forums, give you the chance to meet in person.
Other good options are to generate interest in your community and host a community garage sale.
You can do it as a fundraiser for a cause or everyone can keep the proceeds from what they sell.
Think of all the unused things hidden in your garage or attic.
You don’t need to be an experienced seller to make some money in the second hand economy.
As the Gumtree report shows, about 1.3 million Aussies made money selling online for the first time via their platform.
According to the research, in 2018 an average seller could make $1,577.
Millennials are the most active group on the second-hand market: 61% of them have sold something online in the past year, making on average $1,958.
Generation X is right behind them, as 54% of them sold used goods online with average earnings of $1,637.
Baby boomers are not slacking either, 51% of them participated in the second hand economy in the past 12 months, cashing in $910 on average.
What can you sell
The answer is simple － anything.
The best way to go about it is to start with decluttering your space.
If you need motivation, there are best selling books about creating order in your home.
These offer tips for parting with things that don’t offer utility or joy.
We all have things we don’t use, need or want.
Go through your closet, clean out your garage, check your attic.
Spring cleaning or moving house is a great opportunity to find a lot of unused items in your household.
According to the Gumtree report, 65% of unwanted items are clothes, shoes and accessories.
If you’re bored of your old clothes don’t let them sit in your closet for ages.
If you haven’t worn it in the past 12 months, you will probably never wear it again.
Sell it online, make some extra money and free up that space.
The same goes for other items.
The most reported unwanted goods are books (57%), DVDs and CDs (54%), games and toys (48%), and electronic goods (47%).
But don’t be discouraged if your used items don’t fall into these categories － as they say: one person’s trash is another person’s treasure.
So if there’s something you don’t need anymore, there’s a good chance there is someone out there looking for it.