The cost of living crisis has “boosted” the secondhand industry, Sky News has been told, as more than £2bn is spent on pre-loved gifts this Christmas.

Adam Jay, CEO of Vinted Marketplace, said the “trend” in buying pre-loved was “happening anyway” but described rising costs elsewhere as a possible “accelerator”.

“I’m sure the cost of living crisis has been a boost,” he told Sky News, adding that it had supported “the secondhand industry and trading of secondhand”.

“But I do think this trend was happening anyway because of people’s consciousness around overconsumption, around sustainable buying and sustainable consumption.

“I think all of these have I think these are deep trends and I think they’re trends that are here to stay. I really think secondhand can become the first choice ultimately,” he said.

Vinted, an online marketplace for buying and selling pre-owned items, made its first annual net profit last year of €18m (£15m).

The company’s revenue also rose by 61% year on year amid a rise in demand for secondhand goods.

The Vinted boss’s comments come as more than £2bn is expected to have been spent buying pre-loved gifts this Christmas.

A report by Vinted and Retail Economics found that secondhand shopping will account for just over 10% of all gift spending.

More than four in five people also said they might spend some of their budget on pre-loved gifts this year.

Vicky Saynor, from Hertfordshire, has bought all of her Christmas gifts secondhand, with a total budget of £150.

“This year I said, that’s it – it’s only secondhand or they’re not getting anything,” she said.

She has spent £20 on each of her children and believes she will have saved possibly over £1,000.

“We have so much stuff in this world we just don’t need to keep buying more of it. One person’s rubbish is another person gold,” she continued, “I love old things – they have a life, they have a history.

“And secondhand clothing – why not? When I was young I would reuse or pass on and that all changed in the 90s and 00s when it really focused on consumerism. But we have to change our ways – we have to change our habits.”

According to the Vinted report, shoppers are also selling their own belongings to fund Christmas gifts, with 43% selling online.

More are planning to increase how much they buy secondhand too with over a third (35%) expected to buy more in the next five years.

In his interview with Sky News, Vinted’s Adam Jay has also highlighted the “confusion” around new reporting rules on tax in the new year.

Regulations from HM Revenue and Customs (HMRC) mean that if someone sells above a certain threshold Vinted must ask the seller for their national insurance number and share it with HMRC.

Mr Jay explained, however, that it is “a relatively small proportion of the overall sellers” on the platform and most will “already know” if they have to provide details.

“Vinted is obligated to collect the national insurance number for any seller who sold more than 30 items or more than £1,700 worth of product in the previous 12 months,” he said.

“But here’s the really important thing,” he added, “the obligation to give your national insurance number does not mean there is any obligation to actually pay tax… there is no tax to pay on the private sale of secondhand items.”

He also described the new rules as “a little challenging” for Vinted, as many members already sell at least 30 items.

“Hopefully they’ll [HMRC] rethink whether those thresholds are set in exactly the right way to make sure that ultimately the right people are paying the tax.”

While “supportive” of HMRC decision to change regulations, Mr Jay added: “I wish the thresholds had been set a bit differently. They’re actually set consistently across all OECD countries.

“I would hope even across all of Vinted markets in which we operate, that the tax authorities will consider changing those thresholds or making them more appropriate for business models like Vinted.”

Social media companies must face tough sanctions if they fail to keep children safe from harmful content, the technology secretary has said.

Speaking exclusively to Sky News, Peter Kyle said age verification for adult material would have to be “watertight”, and that apps which do not protect children will face heavy fines and even jail time for company bosses.

He was talking ahead of new requirements, to be announced by the regulator Ofcom in mid-January, for platforms to protect children from a wide range of harmful content including bullying, violence, and dangerous stunts.

Apps for adults only will also be required to introduce tighter age verification, via a credit card or ID.

Mr Kyle said: “If they allow the children who are under the age that is appropriate, to view content, then they can face heavy fines and, in some circumstances, they’ll face prison sentences.

“This is the kind of direction of travel you’re going to have with me because I want to make sure kids are kept safe. These are not rules and powers that I’m bringing in just to sit on a shelf.

“These are powers that we’re bringing in for a purpose. At the moment, I accept that parents don’t believe that their kids are safe online because too often they’re not.”

‘Not enough research’

Mr Kyle said he was “in admiration of what these companies have created” and that lots of organisations, including the government, could learn from the tech sector.

But he added: “I do have a real deep frustration and yes, that could be called anger when it comes to the fact that not enough research has been produced about the impact their products have.

“If I was producing a product that was going to be used ubiquitously throughout society that I knew that children as young as five are going to be accessing it, I would want to be pretty certain that it’s not having a negative impact on young people.”

The Online Safety Act was passed in October 2023 and is being implemented in stages. It will allow companies to be fined up to £18m, or 10% of turnover as well as criminal charges.

In December, the regulator Ofcom set out which content is illegal – including sexual exploitation, fraud and drug and weapons offences.

Could UK follow Australia?

The Australian government has announced it will ban under-16s from most social media altogether, which some campaigners are calling for the UK to follow.

Mr Kyle said he has no plans for one at this stage, as he met a group of teenagers from across the country at the NSPCC children’s charity to talk about their experiences online.

Some mentioned the “addictiveness” of social media, and coming across “distressing” content. But all were against a ban, highlighting the positives for learning, and of online communities.

Read more:
School smartphone ban will not become law
Parents tell Ofcom to ‘step up’ over social media content

The UK chief medical officers reviewed the evidence on harm to children from “screen-based activities” – including social media and gaming – in 2019.

Their report found associations with anxiety and depression, but not enough evidence to prove a causal link. It backed a minimum age of 13 for using these apps.

But the technology secretary has commissioned more research to look at the issue again by next summer, as countries including France and Norway have raised the minimum age to 14 or 15.

Children ‘getting dopamine hits’

Ofcom research last year found nearly a quarter of five-to-seven-year-olds have their own smartphone, with two in five using messaging services such as WhatsApp despite it having a minimum age of 13.

By the time they are 11, more than 90 percent of children have a smartphone.

Lee Fernandes, a psychotherapist specialising in addiction, told Sky News at his London clinic that he has been increasingly treating screen addiction in young adults, some of whose problems began in their teenage years.

“In the last five years, I’ve seen a big increase in addictions relating to technology,” he said.

“I think everyone just thinks it’s mindless scrolling, but we’re habituating children’s minds to be stimulated from using these phones and they’re getting these hits of dopamine, these rewards.”

Social media companies privately say teenagers use over 50 apps a week and argue that app stores should develop a “one-stop shop” rather than ID checks for each individual app.

Some platforms already require teenagers to prove their age through a video selfie or ID check if they attempt to change their age to over-18.

There are also AI models being developed to detect under-18s pretending to be adults. Specific teen accounts by providers including Meta restrict certain messages and content.

Georgia quarterback Carson Beck underwent successful surgery Monday on his right elbow to repair his ulnar collateral ligament (UCL), school officials announced, and he will not be available for the Bulldogs in the College Football Playoff.

Beck is expected to make a full recovery, according to the school’s release, and he will resume throwing in the spring. The surgery was performed by renowned orthopedic surgeon Dr. Neal ElAttrache in Los Angeles. Beck and his parents had been consulting with different doctors and specialists to determine the best course of treatment after he was injured on the final play of the first half in second-ranked Georgia’s 22-19 overtime win against Texas in the SEC championship game Dec. 7.

Beck has not practiced with the team since that game. ESPN reported last week that Georgia has been preparing to play without Beck in the playoff since resuming practice after the SEC championship game.

Redshirt sophomore Gunner Stockton will take over as Georgia’s starting quarterback. He helped rally the Bulldogs from a 6-3 halftime deficit against the Longhorns and played the entire second half and all but the final play of overtime after Beck was sidelined. Stockton ran the ball to the 4-yard line in overtime and took a vicious hit, sending his helmet flying. He had to leave for a play, and Beck re-entered the game and handed off to Trevor Etienne for the game-winning touchdown.

Stockton finished 12-of-16 for 71 yards, no touchdowns and an interception against Texas. He was sacked twice.

The Sugar Bowl matchup against Notre Dame on Jan. 1 will be Stockton’s first career start. He has appeared in four games this season for the Bulldogs (11-2) after playing in two games the year before as a redshirt freshman.

The 6-1, 215-pound Stockton is more of a running threat than Beck, but Georgia coach Kirby Smart downplayed how that might impact the Bulldogs’ game plan against the Irish.

“You know, I think we are who we are in regards to that,” Smart told reporters. “I mean, we’ve played an entire season offensively. You know, Gunner is a good athlete. I think Carson’s a good athlete. So, it’s one of those deals that I don’t know how much it changes things.”

Beck was rated as the No. 4 quarterback prospect in the 2025 NFL draft, according to ESPN’s Mel Kiper Jr. The 22-year-old led the SEC with 28 touchdown passes this season and was third with 3,485 passing yards, but he also threw 12 interceptions in 13 games.