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.”

Japanese car giants, Honda and Nissan, have announced plans to merge.

That would make them the third largest car maker by sales, behind Toyota Motor Corp and Volkswagen AG.

The two companies said they had signed a memorandum of understanding, which would also include the smaller Nissan Alliance member, Mitsubishi Motors, in the talks on integration.

Japan’s car makers have struggled to match their big rivals in electric vehicles (EVs) and are trying to cut costs.

If the merger is finalised it could result in a company worth more than 50 billion dollars (£39.77bn) based on the market capitalisation of all three car makers.

Honda would initially lead the new management, which would retain the principles and brands of each company, Honda’s president, Toshihiro Mibe, said.

The aim is for the deal to be completed by August 2026, he added, but said there was a chance it would not go forward.

Mr Mibe said there are “points that need to be studied and discussed” about the merger. “Frankly speaking, the possibility of this not being implemented is not zero.”

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Despite the prospective deal making the new company a giant in the industry, it would still lag behind Toyota as the leading Japanese automaker.

Toyota rolled out 11.5 million vehicles in 2023, with Honda, Nissan and Mitsubishi Motors combining for around eight million.

It comes after the three companies announced in August that they would share components for EVs like batteries and jointly research software for autonomous driving.

Nissan has struggled under the weight of a scandal that began with the arrest of its former chairman Carlos Ghosn in late 2018 on charges of fraud and misuse of company assets – allegations that he denies. He eventually was released on bail and fled to Lebanon.

He said the planned merger was a “desperate move”.

Meanwhile, in Europe, car companies have been cutting jobs and shutting factories as they face pressure from growing exports from China, Sky News’ economics and data editor Ed Conway reported this month.

An electric cargo bike logistics company which counts the fashion giant Zara among its partners has launched an urgent hunt for new backers.

Sky News has learnt that Zedify, which has raised millions of pounds from investors including Barclays Sustainable Impact Capital, is working with Interpath Advisory on a review of its financing options.

Zedify claims to be the UK’s largest cargo bike logistics company.

It is said to be exploring options to secure new funding on an accelerated basis.

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Founded in 2018, the company works with retail brands, as well as parcel carriers and independent businesses, to offer sustainable deliveries using cargo bikes.

Zedify operates from 10 logistics hubs across the UK, with the latest launched in Birmingham at the start of November.

It says it aims to be active in 50 UK cities in the next five years. The company employs about 130 people.

Rob King, Zedify’s co-founder and chief executive officer, said: “As we continue with our mission of disrupting the traditional logistics model by creating a more sustainable alternative to last-mile delivery services, we are seeking investment partners who can support us as we continue to scale our business, supporting more customers in additional cities around the UK.”

Other existing Zedify backers include Green Angel Syndicate and Prova.