'Second-hand economy' boosts GDP, study finds

Canadians spend nearly $30 billion every year on used goods, putting money into the economy that would otherwise go to imported goods,according to a new study.

The study conducted for the classified ads site Kijiji by researchers from the University of Toronto and Montreal's Observatoire de la Consommation Responsable says the "second-hand economy" contributes close to $34 billion toCanada's gross domestic product and saves the average family of four about $1,200.

"More people list things and so you have this virtual circle;a snowball effect of more and more people using it," said Peter Spiro, one of the report's co-authors.

Click the video for the full story.