P21-B worth of unused items in Filipino households

OLX.ph releases a report showing the staggering value of functional household items in good condition that are left unnoticed

OLX Philippines, the country’s leading website for buying and selling pre-loved items, has just released a new study that shows approximately P21-billion worth of previously used but still in good condition items are just left to gather dust in Filipino households.

The survey, which was conducted by TNS on behalf of OLX, asked people to list their unused items and share their experience in buying and selling secondhand items over the Internet.

Results revealed that all households surveyed have unused items that are still functional, including electronics, clothes and fashion accessories, vehicles and automotive merchandise, home appliances, and collectibles. The total value of these unused items in working condition is also significantly high. (See infographic.) Cumulatively, old but functional computers are estimated to be worth P3.8 billion while mobile phones are worth P3.5 billion. Unused clothing also add up to as much as P1.5 billion while kitchen appliances are at P1.08 billion.

“It’s astonishing to learn that P21 billion worth of unused items in working condition are just sitting in people’s homes, gathering dust, and left to waste,” commented RJ David, Managing Director of OLX Philippines. “Just imagine how much cash people can make when they sell these items!”

The survey also showed that many Filipinos are interested in selling their unused stuff over the web. About 41% of respondents said that they are comfortable selling their pre-loved items while 56% of those who have plans of selling unused items said they are open to selling these online.

“Selling secondhand items is a smart way for Filipinos to upgrade their lives. Sellers can earn extra cash from stuff they don’t need while buyers get a fair deal,” says Arianne David, Head of Operations of OLX. “Last month, we cleaned up our house and sold some gadgets on OLX. We gave the money to our parents to help them buy things they need.”

The study is part of OLX’s campaign to educate Filipinos on the untapped wealth sitting in their homes and the value of online selling of secondhand items through its “Yesss, Yaman!” Movement.

As a result of the Yesss, Yaman! Study, OLX is also introducing the Yaman Checklist. This helps Pinoys easily identify which of their pre-loved items are in good condition, to list it down, and see the total possible earnings they can get from it.

More than 600,000 Filipinos have already listed their pre-loved items for sale on OLX.ph. Projections are that 1 million Filipinos will be selling on the site before the year ends.

About OLX.ph

OLX Philippines offers a fast and easy way for Filipinos to sell their secondhand items online. It is the Philippines’ largest marketplace for buying and selling items of all kinds, such as mobile phones, cameras, bicycles, musical instruments, baby strollers, furniture, cars, property, and gadgets.  It is available on the web at www.olx.ph or on the OLX app on Android and iOS phones.

About the study

The study was conducted by TNS on behalf of OLX, during June to July, 2014.  Interviews were conducted door-to-door in 500 Urban Households homes across the country.

A random sampling methodology was used to identify the 500 sample across two main cities in Philippines.

The sample was distributed to ensure randomness within the cities, as well as geographic dispersion.   The sample was spread across both Males / Females in SES ABC, who were most influential in the decision to stock or sell used items from the household.

Computer Aided Interviews were conducted, face to face, among the selected respondents.  The entire process was done as per the rigorous data collection protocols of TNS.

The data from the sample, was then projected to the Urban population for the estimation of the size of Unused items (which are in good working condition).

About TNS

TNS advises clients on specific growth strategies around new market entry, innovation, brand switching and customer and employee relationships based on long-established expertise and market-leading solutions. With a presence in over 80 countries, TNS has more conversations with the world’s consumers than anyone else and understands individual human behaviors and attitudes across every cultural, economic, and political region of the world. The company is part of Kantar, the data investment management division of WPP and one of the world’s largest insight, information, and consultancy groups. Visit www.tnsglobal.com for more information.

Compute for your own yaman at //yamancalculator.olx.ph