Yahoo Finance 8.5 million Aussies lose $572 million at Christmas
More than half of all Australians receive at least one unwanted Christmas gift, amounting to a whopping $572 million in wasted spending, according to Gumtree data.
That’s the equivalent of 8.5 million Aussies losing around $70 each.
The most common unwanted gifts are clothes and accessories, followed by beauty products and home décor, and friends are the biggest culprits of bad gift-giving, studies show.
But studies show many of us aren’t being savvy with our gifts.
“Despite more unwanted Christmas gifts being received than ever before, four in ten Australians are missing out on an opportunity to make some extra cash - letting the items collect dust in a cupboard and even throwing them away,” Gumtree Australia spokesperson, Eleni Gavalas said.
Savvy Aussies, however, can make a buck or two off their unwanted gift, if they choose to sell it on second-hand marketplaces like Gumtree, Gavalas said.
“We typically see a surge in listings on Gumtree post-Christmas, so people can also treat themselves to the gift they really wanted,” she said.
Also read: Revealed: Best 2020 Boxing Day deals
How to make money on Boxing Day
Around one-in-six Aussies have said they often wake up with a bit of a financial hangover on Boxing Day, according to the Gumtree report. That is, they regret spending so much on Christmas gifts.
But 2.3 million Aussies are getting smart about it: they’re selling their unwanted gifts for an average of $81, with 18 per cent making over $100 per gift.
“Now is the perfect time for Aussies to cash in on their unwanted gifts and make room for some of their wishlist items,” Gavalas said.
“There’s plenty of cash to be made and Gumtree can be one way to help you recover from that Christmas spending hangover.”
Tips for selling on Gumtree
If you want your listing to shine, there are a few things you can do:
Be descriptive: Include features of your product, and your reasons for selling it. The more information you provide, the more likely you are to make a sale at the price you’re asking for.
Interact with your buyers: Make sure you respond promptly to messages from potential buyers and offer some personality, Gumtree said.
Trade safely: When you’re exchanging your item, make sure to meet in a neutral place, and take a family member of friend with you.
Keep receipts and packaging: When you receive your Christmas items, don’t worry about keeping the Christmas wrapping but make sure to keep the box and any warranties, instruction cards or receipts.
List what’s in demand: This can depend on the season or time of year. Gumtree’s data shows that there is a high demand in the categories of Home & Garden, Sport & Fitness, Computers & Electronics and Baby & Maternity, so if you have these items lying around the house, get listing.
Want 2021 to be your best (financial) year yet? Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter here.
