The majority of Latvians – 74% – prefer to buy pre-owned goods, considering them a good alternative to new goods, according to a survey conducted by DelfinGroup. However, in order to strengthen the development of sustainable consumption practices, a number of barriers still need to be addressed, which hinder the consolidation of shopping habits concerning pre-owned goods in Latvian society. 

Overall, 39% of respondents indicated that they consider pre-owned goods as a good alternative to new goods, while 35% of respondents admitted that their choice to buy pre-owned goods depends on the specific situation, such as the quality or price of the product. Meanwhile, 26% of respondents still prefer to only buy new goods.  

When asked about the main reasons and barriers to buying pre-owned goods, 31% of respondents said they lack confidence that the product will be in good condition and last a long time, while 23% are concerned about possible defects. 19% do not like knowing that someone else has already used the product, even if it is of good quality, while 11% are deterred from buying pre-owned goods due to the fact that they usually don’t come with a guarantee. At the same time, 10% of respondents indicated that they do not have a clear view of why they avoid buying pre-owned goods on a daily basis, which could indicate a lack of information about the pre-owned goods market in general. 

“The survey data shows that the majority of Latvian people prefer to buy pre-owned goods, which is a positive signal for the development of the circular economy and the sustainable use of goods. A quality pre-owned goods market is an important driver of the Latvian economy with the added value of social responsibility. In this way, not only is the life of a still-working item extended, but it also allows someone to earn money and ease their family budget. Above all, it is participation in global processes because every choice that reduces the production of new goods contributes to reducing the ecological footprint. Therefore, we must continue to work on the barriers revealed in the survey regarding the circulation of pre-owned goods together, increasing the popularity of this segment in the Latvian market,” explains Didzis Ādmīdiņš, Chairman of the Management Board of DelfinGroup. 

He adds that at the Banknote chain of retail outlets owned by DelfinGroup, every product is tested and guaranteed for up to 24 months. This not only alleviates concerns about the quality of pre-owned goods but also promotes responsible and sustainable consumption by ensuring that consumers have access to quality and reliable goods.  

“During Black Friday and sales, when people are looking for great deals, it's important to remember that pre-owned and verified goods can also be a great alternative to new products. It is not only an opportunity to save money, but also to promote sustainable consumption and reduce the environmental impact of overconsumption. Pre-owned goods that are thoroughly tested and offered with a guarantee, such as those in the network of more than 90 Banknote stores and online shops in Latvia and Lithuania, ensure reliability and quality while maintaining a responsible attitude towards the use of resources,” said D. Ādmīdiņš.  

The survey was conducted by DelfinGroup in October and November 2024 in cooperation with the research agency Norstat Latvija, surveying 1006 economically active residents of Latvia. 

About DelfinGroup  

AS DelfinGroup is a licenced fintech company established in 2009 and operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer and pawn loans, loans developed for senior citizens, Buy now pay later loans (BNPL loans), and the sale of pre-owned goods online and at more than 90 branches across Latvia and Lithuania. Since 2014, DelfinGroup has been known on the Nasdaq Riga Stock Exchange as a bond issuer and, since 2021, as a listed company on the Baltic Main List. The company regularly pays dividends to its shareholders. The sustainability of DelfinGroup is based on focused corporate governance, fintech innovation, responsible lending, financial inclusion, and facilitating the circular economy. 

Additional information:  

Linda Eltermane,  
AS DelfinGroup Head of Communications 

Phone: +371 28700457  
E-mail: [email protected]