Canadian market for 2nd-hand goods grew to $29B last year, Kijiji report indicates

The Canadian market for used and second-hand goods grew last year to an estimated $29 billion, up from $1 billionthe previous year, according to a new report released Tuesday by online classifiedadwebsiteKijiji.

The second-hand goods market is worth an estimated $35 billion to $38 billion to the overall Canadian economy after factoring in direct and indirect impacts, the research indicates.

It'sbased on an online poll with 5,752 respondents aged 18 and older who used Kijiji and other resale goods vehicles.

In its third annual report on the second-hand economy, Kijiji said 82 per cent of Canadians acquiredor disposedof at least one item last year.

Kijijialso said about 30.4 million more second-hand goods traded hands last year than the year previous.

Almost1.9 billion goods got a "second life,"Kijijisaid in its report, adding that second-hand practices could involve buying, selling, donations, swapping, free sharing, paid sharing, rental and lending.

• Used goods market worth $36B last year, Kijiji-sponsored survey finds

"The second-hand economy goes hand in hand with the sharing economy, as Canadians find bargains and monetize their existing assets," said Kijijigeneral managerMatt McKenzie in a release.

"Canadians earned an average of$1,037from second-hand sales, while buyers of second-hand goods saved an average of$843last year."

He said respondents to thesurvey commissioned by Kijijiindicated their top use for that money was for day-to-day expenses like gas, groceries and rent.

The report also says about one-quarter of transactions in the second-hand economy 23.7 per cent last year, down from 25.6 per cent in 2015 take place through non-commercial channels, such asfamily, friends and acquaintances.

The report said the second-handeconomy moves in tandem with the overall economy, meaning the more people who are working and the higher their wages, the more they make use of the second-hand market to acquire or dispose of used items.

"The second-handeconomy is driven by the fact that people are looking for value, and for ways to help make ends meet, while also wanting to reduce waste by finding new uses for goods that are still viable," Marie Connolly, a professor of economics at theUniversitduQubecMontraland one of the authors of the report.