Consumer demand for refurbished and pre-owned items in the United Kingdom and across Europe has generated a billion pound (USD 1.3 billion) industry for Amazon, according to its UK CEO.
Many merchants and manufacturers expect that tendency to continue as consumers seek to save money and purchase more sustainably in response to rising pricing and borrowing expenses.
Amazon’s UK national manager, John Boumphrey, told reporters that the online retail giant sold more than 4 million used or refurbished items at a discount in the UK alone last year.
Amazon’s sales of used products in the United Kingdom climbed by more than 15 per cent in the first nine months of 2023, he said.
Amazon UK’s overall revenue in 2022 is expected to be 24 billion pounds.
He was speaking at the debut of Amazon UK’s “Second Chance Store” – a Christmas pop-up shop in London offering returned and reconditioned products.
Amazon’s objective is to have zero net carbon emissions by 2040.
Many environmental activists are suspicious of huge corporations’ commitment to reduce emissions, considering it as more of a public relations exercise. However, huge corporations claim that their size allows them to make a difference.
According to Boumphrey, Amazon executives are dissatisfied with the quantity of regulatory change in Europe, particularly in the United Kingdom and are asking if they have enough visibility to invest.
He expressed worry about the digital markets, competition and consumer bill, which is now being debated in the UK parliament and would give Britain’s antitrust regulator legal authority to adopt laws for large internet businesses.
Boumphrey’s remarks came after the UK government this week praised 29.5 billion pounds in foreign investment as evidence that Britain was recovering its commercial attractiveness following the uncertainties caused by Brexit and last year’s political turbulence.
According to Boumphrey, Amazon has spent 56 billion pounds in the United Kingdom since 2010, including 12 billion in 2022 alone.
