The Socio-economic Benefits of the Second hand Industry

With Black Friday quickly approaching and spending over this period expected to reach a staggering $9 billion in the US, we wanted to demonstrate the economic and social benefits of choosing refurbished over new equipment, both on Black Friday and in general.  


Black Friday is by far the busiest shopping day in our yearly calendar, with millions of shoppers making purchases on this day in 2019. Therefore, it is easy to understand why this day has the greatest social, financial, environmental and commercial impact on our planet and global community than any other day, year on year. However, this impact, whilst boosting our global economy, is not always a positive and other purchasing options have a more beneficial outcome for both the shopper and our wider community.  


Second Hand IT Equipment

We have always been big advocates of the environmental benefits of second hand IT equipment over new technology however in this article we will rather be addressing the issue from a social/economic side. Second hand IT equipment is an ever-growing industry, with companies and individuals turning towards refurbished technology in order to save money and aid the creation of the Circular IT economy, as well as to divert useful technology and resources away from landfill. Huge names in the tech industry are turning towards refurbished equipment or in-house refurbishment programs, such as Google. This demonstrates a massive shift towards repairing and upgrading IT solutions in place of buying new , as well as looking to purchase used technology.  


The Economic Benefit

The average saving of a consumer over the Black Friday period is 37% off full price. This is a fantastic average discount that many receive across technology devices every Black Friday and Cyber Monday. However, when compared to the discounts surrounding refurbished equipment, this number begins to look far less appealing; refurbished IT equipment could see you saving significantly more on the original cost of the item across laptops, PCs, smartphones and enterprise-level hardware.  


Many customers could be forgiven for thinking that there must be a performance level drop to allow for a saving like that. But when purchasing refurbished equipment, this is not the case. Refurbishment specialists work to upgrade and configure equipment before resale, meaning that refurbished equipment performs just as well as new. Most refurbishment companies will also supply a lengthy warranty, often up to three-years, to guarantee the performance of your device and support you in the case of faults.  


Furthermore, selling your used IT equipment allows for the device to retain its value and be used again rather than making its way to landfill or being disabled for recycling. For example, a used iPhone is worth up to 50% of its new equivalent on the secondary market. If you recycle this iPhone, it becomes worth significantly less of its original economic value in the resources that are extracted. Similarly, recycling results in 20-35% of the raw materials of technology being extracted from the device in the best-case scenario. In comparison, up to 100% of the device can be reused when technology undergoes a refurbishment process.  


Buying and selling refurbished equipment offers a stimulus to our global economy and prevents technological equipment from losing its value.  


The Development of Green Jobs

The green sector is vast and includes a range of industries that are ever-growing and developing. The refurbished market can be included in this green industry thanks to the lowering of carbon production from the manufacturing process, the lowering of the demand on critical raw materials and the diversion of useful products and materials from landfill.  


The green sector as a whole is expected to create hundreds of thousands of jobs in the US, including the refurbishment sector! You can support this movement by choosing refurbished in terms of the goods you buy, as well as the technology you choose to depend on for your business.  


Health Consequences of E-waste

E-waste is not only damaging to our environment but also to many communities around the world. 70% of toxic waste in the USA comes from e-waste and much of this waste can often be found in third-world countries where the health of those in vulnerable communities is at risk. By diverting this toxic e-waste away from landfill, and in turn third world countries, we are decreasing the health risk for those within these vulnerable communities, as well as wildlife and sea life around the globe.  


The socio-economic benefits of refurbished make second hand equipment the optimal choice when purchasing, not only on and around Black Friday but throughout the year! The impact of our combined waste on our economy and society is vast, yet through aiding the establishment of a circular economy and purchasing refurbished where possible, we can help ease the consequences of our consumer-based, global community.