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Why Greeks are turning to second hand electronics market

Featured Why Greeks are turning to second hand electronics market

Greek consumers are increasingly turning to the second-hand market to buy more affordable used electronic goods ostensibly to save money data suggests.

It is unclear whether this trend is primarily attributed to the need for financial difficulties or if it is also done out of principle, in order to access quality products at competitive prices with a “green” footprint.

In this vein, the outlet market is also experiencing a boom, as Greek consumers are willing to purchase famous brand names offered at large discounts because of being on display with minor wear and tear.

Notably, “retail sale of used goods in stores” was one of the two promotional activities that drew the greatest attention in the retail sector in the first quarter of this year.

Specifically, according to ELSTAT data, the turnover of second-hand goods registered an uptick of 26.3% in the first quarter of 2024 compared to the same quarter in 2023.

While the turnover of these stores is still extremely low, at just 9.79 million euros in the first quarter, this figure does not fully reflect the actual volume, as many transactions also take place through online stores and platforms.

In any case, the sales trajectory of used goods in stores is noteworthy, climbing from 11.09 million euros in 2019 to 30.25 million euros in 2023, based on ELSTAT data.

According to a 2023 market survey by Focus Bari/YouGov, roughly one in two consumers in Greece has already purchased an item from a retailer specializing in second-hand goods, mostly clothing, revealing the second-hand market is on the rise in the country.