CONSUMERS TAKE ACTION ON MAGPIE MONDAY

As sorting out financial worries was the nation’s most popular New Year’s resolution this year, musicMagpie, Europe’s most popular, free-to-use, cash for CDs, DVDs and games website, has found that Monday 16 January is the day when people take action on their cash issues.

While the comforting warmth of summer seems unthinkable and January’s payday feels like a very distant prospect, consumers look set to face their financial fears as the dreaded Christmas credit card and utility bills begin to dent the nation’s accounts.

Last year, musicMagpie saw a 151%[*] increase in entertainment products being traded in on the third Monday of January – aptly named Magpie Monday – compared to any other day throughout the year, as consumers looked to make some extra cash before payslips arrived. Over a quarter of a million items were sold on Magpie Monday last year with Coldplay CDs and Mamma Mia DVDs topping the list of the most traded in items (6,313 and 8,495 respectively).

The company expects an even greater increase this week as consumers begin to worry about their money and search for unwanted Christmas gifts to sell for some easy cash.

Eren Ozagir, Chief Marketing Officer of musicMagpie says: “We are expecting this year’s Magpie Monday on 16 January to be even bigger with an estimated 600,000 products being traded. The impact of the economy is really hitting consumers hard as upcoming bills and Christmas debt continues to weigh heavily on the public’s shoulders. Selling unwanted items around the home is a simple way to make some money, and a more viable option than turning to high interest payday lenders - we’ve had people earn up to £1000 by selling their CDs, DVDs & games.”

A regional breakdown of musicMagpie’s research shows that men between the ages of 36-40 living in Manchester trade the most in January to ease cash-flow worries, with 25-30 year old males from Glasgow and 31-35 year old females from Nottingham the next most likely to scour the house for CDs, DVDs & Games to sell.

The research also highlights that Coldplay’s album was the most popular CD traded last Magpie Monday, followed by Kings of Leon, Amy Winehouse and Arctic Monkeys albums. Mamma Mia was the most popular DVD sold in return for cash, followed by Lock Stock & Two Smoking Barrels & the Notebook.

To coincide with the day, the website has released their top tips for beating the financial blues on Magpie Monday:

1.       Search your house for property you hardly use – As well as trading entertainment goods on musicMagpie.co.uk, other websites allow you to sell books or mobile phones.

2.       Cut the cost of your morning coffee – Instead of buying the £3 coffee on your commute; why not take a thermo flask with you to work?

3.       Earn cash back on your shopping – Websites such as QuidCo.co.uk allow consumers to earn money back by shopping via the website

4.       Earn money for socializing – Try mystery shopping as a way to earn money whilst having fun. Specialist websites give you cash for visiting restaurants, bars and even designer outlets.

5.       Swap clothes with friends – If you desperately need a new dress for that night out, why not arrange a clothes swap party with friends?

6.       Search for vouchers beforehand - If you’re planning a trip to the shops, scour the internet for money-saving vouchers beforehand. There are hundreds to be found.

7.       Make the most of comparison sites – If you’re heating bill gives you the shivers, take the time to search for a cheaper provider or tariff.

musicMagpie customers can make anywhere from £10 to £1,000 just from selling unwanted entertainment items from around the home using the 100% free service (including postage). The website has also introduced a Smartphone app, enabling customers to scan in products to earn cash quicker than ever before as well as a Facebook store where users can make cash by selling their unwanted CDs, DVDs and games on the social network whilst chatting to their friends. musicMagpie has also recently launched a new initiative which allows customers to choose M&S vouchers instead of cash.

CASE STUDY

Customer: Stewart Day, 27, Croydon, London and manager of Select Automation

Customer Need:  Everyday spending, e.g. grocery shopping and car maintenance

Total made: £550.40 against 436 CDs, DVDs and Games

With a keen interest in entertainment, Stewart has always had a large CD and DVD collection, with many unused for months. In January 2011, Stewart decided to make some extra cash and get rid of his unwanted items.

“January is always a pretty tight month money-wise, so I wanted to be able to make some money out of the unwanted CDs, movies and games, which I had collected over the years. I searched Google for somewhere I could sell them and came across musicMagpie.co.uk. I’d seen the service advertised on TV before, so I had a further look at the website and was swayed by the fact that they offered to send a courier to pick up my stuff for free.”

Stewart made over £550 on musicMagpie.co.uk, selling 430 CDs, DVDs and games. 

"I hadn’t used musicMagpie.co.uk before, but was really pleased with the service and the amount that I received for the items. It was great to make some extra cash out of unwanted CDs and DVDs, which were previously just taking up room in my house. It meant I could use the money for general everyday spending including doing the grocery shopping and repairing my car.”
“I will definitely use musicMagpie again, it’s great to have an outlet where I can make money out of these items.”

[*] 251,000 DVDs, CDs and Games were traded on Monday 17 January 2011 compared to a daily 2011 average of 100,000