Second-hand shopping a $1-bln-plus business for Amazon in Europe

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LONDON November 29, 2011 Consumer demand in Britain and across Europe for renewables and pre-owned goods has created a billion pound ($1.3 billion) business for Amazon. (AMZN.O)The UK official said.

Many retailers and manufacturers anticipate that trend. go on As consumers, hit by inflation and credit costs, look to save money and buy more sustainably.

Amazon’s UK manager John Bumphrey told reporters that in the UK alone, the online retailer sold more than 4 million used or refurbished products at a discount last year.

In the year In the first nine months of 2023, Amazon’s sales of second-hand goods rose more than 15 percent over the same period last year, he said.

By 2022, Amazon UK’s total revenue was £24 billion.

“Customers are telling us they’re buying secondhand because they want to save money on the cost of living and buy more sustainably,” Bomfrey told reporters.

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

Amazon has a goal of net zero carbon emissions by 2040.

Many environmentalists are skeptical that major companies are willing to cut emissions, seeing it as a public relations exercise. But big companies say they can make a difference with their scale.

Change of control

Bomfrey told Reuters that Amazon bosses were frustrated by the scale of regulatory change in Europe, and particularly in Britain, and were questioning whether they had enough visibility to invest.

“There are a lot of changes in the rules, not just in England but in Europe, and one of the things they’re asking is this gives us long-term certainty,” he said in an interview.

He expressed his concern. Digital Markets, Competition and Consumer BillIt is currently making its way through the UK Parliament, giving Britain’s antitrust watchdog the legal power to adjust regulations for big tech companies.

Bumphrey’s comments come after the UK government this week. Thank you The £29.5 billion in foreign investment is a sign of Britain’s recovery in business following the uncertainty caused by last year’s exit from the European Union and political turmoil.

Amazon in 2010 It has invested £56bn in Britain since 2010, including £12bn in 2022 alone, Bomfrey said.

($1 = 0.7913 pounds)

Report by James Davy Mark Potter Editing

Our standards: The Thomson Reuters Trust Principles.

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