Why are Auctions So Popular?

Most consumers have an innate desire to obtain the best items at the lowest prices. This explains why more than half of all Americans have been attending live auctions since 2004; fuelling an industry worth at least $202 billion. So, the next time you’re planning a fundraiser, don’t forget to make a charity auction among your top picks. If you wish to hold your event via the Internet, don’t forget to give our eBay Giving Works platform a try.

What makes auctions so popular? Aside from giving consumers a shot at some great deals, auctions also encourage competition among bidders. In fact, about 53 percent of all auction-goers in the U.S. attend live auctions because of the thrill they experience from outdoing each other. Things heat up at online auctions pretty fast, especially when bidders know that they’re practically competing with the rest of the world.

Meanwhile, sellers prefer auctions because of the speedy process, quick turnaround rates, and the guarantee that there will always be buyers who’ll line up for their items. Auctions also save them time and money when it comes to marketing because auctioneers are the ones running the advertisements and distributing the fliers. At most online auctions, “marketing” can be as simple as taking a few, high-quality pictures of the items on sale and posting the pictures online, something virtually anybody can do.

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