PRELOVED REPORT The used book market trend report February 2022
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Introduction Since 2002, we’ve been rehoming preloved books with new owners. We started with a bag of books rescued from a charity shop bin. We now have a collection of 8 million used books and sell one somewhere in the world every two seconds. A lot has changed in the world since we began. As consumers, we’ve become more focused on sustainability, embraced the circular economy and expanded our view of ‘value’ beyond the shiny, crisp and new. The traditional book is as popular as ever. People love the look, smell and feel of them. And one thing our growth has proven is that a story doesn’t change because it’s been read before – and the way we purchase printed literature is shifting to a more sustainable method. We hope you enjoy our report into the preloved book and recommerce market – and are as excited about its growth and impact as we are.
Graham Bell CEO
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Introduction from EY-Parthenon EY-Parthenon was delighted to work with Wob last year to help the team form a detailed view of the preloved book market and its future growth potential. As part of this process we engaged with thousands of consumers in the UK to understand their reading habits, book purchasing behaviours, and attitudes to buying and selling preloved books. Their responses were very clear: firstly, there is sustained passion for the printed book, with consumers continuing to value the physical reading experience and the chance to disconnect from technology. Secondly, consumers are increasingly embracing the circular economy, with greater participation in both the purchase and sale of preloved books. This reflects the great value these books offer, the opportunity to make a more sustainable choice - reusing products rather than buying new ones, and the desire for books to be passed on to new readers when the time comes to dispose of them. Wob plays an important role in the recommerce market, applying modern technology to address the complexity of sourcing, sorting and selling thousands of books, making them available to a whole new group of readers around the world. We hope you enjoy the report, and look forward to seeing the recommerce market continuing to grow as more and more people recognise the benefits of preloved.
Robert Pyle ASSOCIATE PARTNER, EY-PARTHENON
EY-Parthenon is one of the largest global strategy consulting organizations, with 7,000+ professionals. We help CEOs and business leaders design and deliver transformative strategies across the entire enterprise, to help build long-term value to all stakeholders.
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01
is buying new getting old?
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Printed books remain big business ... 1
TOP REASONS FOR BUYING USED ONLINE 3
UK PRINTED BOOK MARKET SIZE IN 2020
32%
UK
£2.6bn
of book sales are preloved
387m
123m
books sold
books sold
…and people are increasingly choosing to purchase used books online as they join the reuse revolution.
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44% of all used book sales were made online
=
54m
used books sold online
=
£326m value
1
Value for money
2
Availability and Range
3
More sustainable
6
When we started selling preloved books in 2002, online recommerce was in its infancy. Year on year, public perception changed around buying used and the market in online preloved books now grows 13% annually. It’s in a great place! With this growth in the online used book market, it’s clear that the physical book isn’t going anywhere, and secondhand books will begin to play an even stronger role in the market as more people choose to reuse and recycle.
”
Simon Downes FOUNDER & CHIEF DEVELOPMENT OFFICER
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02
resisting the digital revolution
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Technology has given people more choice in the way they read. And the majority are choosing the traditional printed book over digital versions ... 4
Books are bucking the trend towards digitisation of entertainment products as streaming services take over … 6
IN THE LAST YEAR:
48% Have not purchased a CD orDVD
30%
70%
Sales of digital books
Physical book sales
13% Have not purchased a printed book
...as sales of printed books grows faster than digital. 5
3%
growth e-books
7%
Used book print volume growth (2016-2020)
…and it’s the younger, more digital generation, choosing the printed page.
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63% of all printed book sales are to online-native generations (under 44)
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As the UK’s largest retailer of preloved books and media, people have long asked us how we feel about e-books. The answer’s simple and often surprises people… we love them! Purchases are instant and they help people enjoy reading in a way that saves paper and protects the planet. But people were never going to give up on the traditional printed book – and even today they are far from overtaking the physical book market. Books offer people the chance to switch off from a digital world and unwind with an altogether simpler pleasure.
”
Patrik Oqvist CHIEF MARKETING OFFICER
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03
why are books bucking the trend?
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In a world of screens and tech, people buy printed books as an escape from the modern world …
Ultimately, the simplicity of the product is keeping the pages turning.
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85%
10
choose printed books because they don’t need a screen, battery or connection
64%
find printed books easier to read than digital versions
…and like to share the story with others.
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87%
choose printed books with the intention of sharing with friends and family
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In a world dominated by technology, books represent a simpler time and offer people an all-important opportunity to escape from screens. But more importantly, they play to our natural human instinct for storytelling and sharing. They offer people the opportunity to share the love of reading in a way that technology can’t. For thousands of years books have held a special place in our hearts. And this bond remains strong even in the digital age.
”
Beccy Alford HEAD OF BRAND
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04
the reuse revolution in reading
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Over three quarters of Wob customers buy more used books than new, seeking better value and a more sustainable purchase choice …
92%
11
83%
Customers enjoy the shared history with previous readers, knowing that second hand doesn’t mean second best. 13
buy used books because they are cheaper than new books
buy used books because they are better for the planet
…and although younger consumers are driving the shift to sustainability, it is becoming a strong decision factor for all ages.
82%
74%
67%
60%
55%
12
under 18
18-24
25-34
35-44
45-54
51%
51%
55-64
64+
HOW SUSTAINABILITY IS IMPORTANT TO AGE SECTORS
TOP PURCHASE CRITERIA
1
Price
2
Sustainability
3
Don’t need books in perfect condition
4
Shared history with previous readers
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We’re unsurprised that price is the main purchase criteria for secondhand books. People love a bargain – and are placing greater importance on stories than on fresh ink and paper. But more than anything, we’re encouraged by the importance people are placing on sustainability when making purchases. People are buying preloved to do their bit for the planet. While this may be driven by younger eco-warriors, it’s exciting to see that all age groups are putting sustainability at the heart of their decision making.
”
Dan Guttridge FINANCE DIRECTOR
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05
it doesn’t stop at books
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Those who buy used books are more likely to choose secondhand when shopping for other items …
Books remain the most purchased preloved category with fashion a close second.
14
16
88%
1
are likely to choose preloved when buying other items
81%
itu ay
/f ur n
-R
74
%
28% rt
30%
CD s
D V
D
s/ B
lu
rs rio te
32%
2 cs
LIKELIHOOD OF USED BOOK PURCHASERS TO BUY OTHER PRELOVED ITEMS
s
ni ro
11% 10%
M in us st ic ru al m en t
ec t
id
eo
ga m El
13%
V
V
19%
in yl
es
A
15
45% In
…and are most likely to fill their wardrobe with preloved finds.
re
Fa
sh
io
n
have purchased or are interested in purchasing used books
7%
have purchased or are interested in purchasing used clothing
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We’re excited that the reuse revolution is gaining traction across all products – the tide is changing, and public perception of used items is positive. The stigma has been broken! From unique vintage clothing finds, to the perfectly mismatched dinner set, each preloved purchase we make is a little win for our wallets and the planet.
”
Carol Atkins HEAD OF PEOPLE AND CULTURE
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06
never a word wasted
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A typical household has 124 books, and reasons for keeping them range from emotional attachments to aesthetic appeal ... 17
83%
Feel that books have emotional significance
84%
Consumers prefer to give their preloved books a happy ending rather than create waste. 19
84%
Like the option to read books more than once
HOW BOOKS ARE DECLUTTERED
Like the appearance of a full bookshelf
21% gifted
40%
donated
...but each year we are choosing to declutter 12% of our books. 18
12%
of book collections leave their owners shelves every year
15 books on average
16% sold
11%
recycled
5%
thrown away
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Books hold a special place in our hearts and carry significant meaning to their owners. It’s testament to the power of stories that most people want to cherish their books and keep them in their lives. But for those who prefer a clear bookshelf, we’re encouraged by the way consumers are disposing of their books in responsible ways that can support charities, protect the planet and give their bank balances a little boost! More can be done to reduce waste, but as a society we are headed in the right direction.
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Joy Ridley Wob RARE BOOKS
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07
going circular: resale and the future of consumption
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The impact of Covid 19 has changed the way we dispose of books and whilst donating to charity remains the most popular choice, more of us are selling our used books.
27% of consumers have increased the number of books they sold ... 20
27% Increase in selling
TOP SELLING CHANNELS 22
55% Through online marketplaces (Amazon, eBay)
48% Used book resellers (online and app)
24% At markets and garage sales
...and that may continue for good as people embrace the circular economy post covid. 21
19% Used bookshop
74%
of those who have sold, expect to keep selling or increase how much they sell
17% Peer-to-Peer sites (Facebook, Gumtree)
with almost half preferring to sell via used book resellers such as Ziffit
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TOP REASONS FOR THE INCREASE IN SELLING BOOKS 25
Overall Sellers are less motivated by sustainability ... 23
47% of Shoppers
21%
1
76%
Make space in home
2
38%
Earn some extra money
3
34%
Selling online is easier
of Sellers
do so to reduce their carbon footprint
buy used because it’s more sustainable IMPORTANCE OF SUSTAINABILITY IN ACTION
...but once again, we see younger consumers championing the circular economy. 24
Two thirds of 16-24 year olds try to sell items to reduce their environmental footprint
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When we make purchasing decisions, we often think about how a purchase links with our own values – which is why sustainable shopping has experienced such a growth in recent years. However, it’s interesting to see that these values aren’t necessarily carried over when we sell items – but this is the circular economy in action! To enable more goods to be reused and reduce waste across all product categories, more businesses need to offer practical buyback schemes that reward the seller and provide the buyer with a values-led sales proposition. The circular economy simply cannot work effectively without involvement from the public – they are the ones who can drive the reuse revolution.
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Simon Perkins CHIEF OPERATING OFFICER
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Conclusion Over the last 20 years we have championed the reuse revolution. Giving customers a sustainable, affordable way to buy books and other media. As a company of book lovers, we understand the special connection between books and humans. Despite the push towards digitalisation, there is just something about losing ourselves in the pages of a book, which can’t be recreated with technology. This connection continues when it comes to decluttering used books. We’re more conscious of our choices, preferring to put them back into circulation, through gifting, donations or selling. And we continue to see more people selling their used books, driven by an increase in online recommerce during covid and the growing adoption of the circular economy. At the outset of Wob, we saw the huge potential for recommerce, and have been delighted to be part of its growth. Data from our consumers, and the wider preloved industry provides encouragement for further growth across a range of products. And we will continue to use our commitment to purpose, and our innovations in technology, to give people the ability to buy and sell used goods. We hope you’ve enjoyed the report. Happy reading!
Graham Bell CEO
Sources EY-Parthenon conducted two surveys to understand customer attitudes towards buying and selling preloved items. These surveys were conducted through online questionnaires in April of 2021. EY-Parthenon consumer survey: A nationally representative survey of readers in the UK and US, with sample sizes of 4,300 and 6,400 respectively, to understand consumers’ engagement in both reading and the buying and selling of preloved items with focus on printed books. Survey of Ziffit users: A survey of ~3,000 existing users of Wob’s Ziffit app to understand motivation and attitude towards selling pre-owned items via different available channels. In addition, Wob conducted a survey of ~7000 existing consumers in October 2021 to understand motivation and attitudes towards used books, reading and the circular economy.
01 Is buying new getting old?
05 It doesn’t stop at books
1, 2, 3 EY-Parthenon Customer Survey
14, 15 Wob Customer Survey 16 EY-Parthenon Customer Survey
02 Resisting the digital revolution 4, 5, 6 EY-Parthenon Customer Survey
06 Never a word wasted
7 Nielsen / EY-Parthenon Customer Survey
17 Wob Customer Survey 18 EY-Parthenon Customer Survey
03 Why are books bucking the trend? 8, 9, 10 Wob Customer Survey
19 EY-Parthenon Customer Survey and Ziffit Survey
04 The reuse revolution in reading
07 Going circular: resale and the future of consumption
11, 12, 13 Wob Customer Survey
20, 21 EY-Parthenon Customer Survey 22 EY-Parthenon Customer Survey and Ziffit Survey 23, 24 EY-Parthenon Customer Survey 25 EY-Parthenon Customer Survey and Ziffit Survey