Southern Europe's Resale Market Gains Momentum

Key Takeaways:

• Resale app downloads reached nearly 18mn across Italy, Spain, and Portugal in the first eight months of 2024, up 56% from the same period in 2019. In Spain, Vinted and Wallapop lead the market, accounting for nearly 80% of MAUs YTD in 2024. In Italy, Subito remains the most popular app, accounting for nearly one-third of MAUs YTD in 2024

  • Wallapop, Vinted, and Subito also ranked among the top 35 shopping brands by ad spend in Italy between Jan’23 and YTD 2024, ahead of eBay and Alibaba.com

• The share of Wallapop’s Italy users that also use Subito rose from 41% in 2Q23 to 49% in 2Q24, while cross-app usage with Vinted grew from 50% to 55% during the same period, reaching nearly 60% in the past 90 days

• Alibaba-owned Miravia is attracting second-hand app users in Spain with aggressive discounts, using a strategy already employed by Temu. Between Jan'23 and Sep'24, 78% of Miravia's ads in Spain featured discounts in the 40-79% range

• Milanuncios’ users who installed the app between Jan’24-Apr’24 display higher n-month retention vs those who installed it during the same period in 2023. However, nearly 20% of its users still churn at month zero, the highest among a group of peers

• Subito has seen a nearly 700% YoY increase in ad spend on vehicle ads in Italy YTD in 2024, as the used car market has flourished in the country. Perhaps as part of a targeted ad strategy, affordable models such as Fiat have seen the highest ad spend share YTD (~50%) among advertised car brands, up from 4% in the same period in 2023

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