eBayers save billions each year

There's a reason we love to shop on eBay and other auction sites that sell new and used goods. It's cheaper to buy second hand stuff than to walk into a store and buy it in a shiny new package. How can you put a value on that? Pretty easily it turns out.

Two researchers at the University of Maryland found that consumers saved more than $7 billion in 2003. While the team didn't look at all of the data from last year, their model estimates that the number may have climbed to $19 billion in 2007.

What's interesting about these findings is that the researchers looked at data from Cniper, a web service that places last minute bids for eBay users. By comparing the maximum amount users were willing to pay with the actual ending price of auctions, the researchers determine that the average customer was willing to spend $4 more per auction than they actually spent.

So on the one hand, eBay and similar sites are proving their worth by allowing users to save some serious money. On the other hand, the study shows that sellers could be making a lot more money than they currently are. Can we blame eBay for the impending recession? Probably not. But it's always fun to have a few more places to point your finger, isn't it?

[via ZDnet/Reuters]

Tags: auctions, cniper, commerce, eBay, tweet-this