Second-hand shopping a $1-bln-plus business for Amazon in Europe -November 28, 2023 at 07:01 pm EST

LONDON, Nov 29 (Reuters) – Consumer demand for
refurbished and pre-owned goods in Britain and across Europe has
created a billion pound ($1.3 billion) business for Amazon
, its UK boss said.

Many retailers and manufacturers expect that trend to
continue as shoppers, hit by rising prices and borrowing costs,
look to save cash and buy more sustainably.

John Boumphrey, Amazon’s UK Country Manager, told reporters
that in the UK alone the online retail giant last year sold more
than 4 million used or refurbished products at a discount.

In the first nine months of 2023, Amazon’s sales of
second-hand goods in the UK increased by more than 15% on the
same period last year, he added.

Amazon UK’s total revenue in 2022 was 24 billion pounds.

“Customers are telling us that they’re shopping second hand
items to save money in the ongoing cost of living crisis and
because they want to shop more sustainably,” Boumphrey told
reporters.

He was speaking at the launch of Amazon UK’s “Second Chance
Store” – a Christmas pop-up shop in London selling returned and
refurbished items.

Amazon has a goal to have net zero carbon emissions by 2040.

Many environmental campaigners are sceptical about the
willingness of major companies to cut emissions, seeing it as
more of a public relations exercise. But large companies say
they can make a difference due to their scale.

REGULATORY CHANGE

Boumphrey also told Reuters that Amazon bosses were
frustrated by the amount of regulatory change in Europe, and
Britain in particular, and were questioning whether they have
enough visibility to invest.

“There’s an awful lot of changes to regulation, not only in
the UK but also in Europe, and one of the things they’re asking
is: is this going to give us long term certainty,” he said in an
interview.

He highlighted concerns over the Digital Markets,
Competition and Consumers Bill, currently making its way through
the UK parliament, which will give Britain’s antitrust regulator
legal powers to tailor rules for big tech companies.

Boumphrey’s comments come after the UK government this week
hailed 29.5 billion pounds of foreign investment as a sign
Britain was regaining its business appeal following the
uncertainty triggered by its departure from the European Union
and last year’s political turmoil.

Amazon has invested 56 billion pounds in Britain since 2010,
including 12 billion in 2022 alone, Boumphrey said.

($1 = 0.7913 pounds)
(Reporting by James Davey
Editing by Mark Potter)