Gen Z is the driving force of the recommerce market
A new report from eBay has highlighted how younger generations of sellers and buyers are embracing the recommerce model.
The growing demand for second-hand items is led by Generation Z (born between 1997 and 2012), as their love for second-hand goods creates economic opportunity for them and contributes to a sustainable future for all.
Released today, eBay’s second annual recommerce report highlighted that young consumers are the main emerging force in the second-hand market, with 80% of Gen Z buying second-hand goods. Nearly 1 in 3 of the same age group also started selling them in the past year, making this the largest generational category of new sellers at 32% in the past year.
“Empowering people and creating economic opportunity for all is at the heart of everything we do at eBay.
After a seismic shift wrought during the pandemic as consumers refocused their shopping habits, the appeal of the second-hand market has increased dramatically. The emergence of resale sites such as Depop and Vinted have focused on ease of use to encourage new sellers to enter the market.
Many brands and retailers have focused on resale market opportunities to bolster sustainability credentials and ensure they remain relevant to consumers. ReSellfridges by Selfridges encourages customers to sell goods on its platform for store credit with the luxury department store brand.
Figures from consignment and thrift store, Thredup, suggest that the next 10 years will see the resale market grow at a faster rate than traditional retail. He predicts that the second-hand clothing market could be twice as big as the fast fashion market by 2030.
According to the global report – which was compiled by Thredup with analysis from market research firm GlobalData – the resale market is growing at a rate 11 times faster than traditional retail and is expected to be worth $84 billion. by 2030, fast fashion is expected to be worth around $40 billion.
As today’s consumers focus more on the impact of their shopping habits and the reality of what is involved in fashion manufacturing, there is a tendency to use the recommerce market as a way to support the circular economy. In eBay research, around 20% of people said helping keep clothes out of the landfill longer was the main reason they buy second-hand clothes.
Yet the driving factor remains financial opportunity, as 52% of women surveyed in the global study said earning extra money was their main goal when it came to selling business. opportunity.
The affordability of sustainably sourced fashion items can be a challenge for generations conditioned by the low prices of fast fashion. The Nosto Sustainability in Fashion Retail report highlighted that less than a third of consumers are willing to pay more for environmentally friendly products. Opting for second-hand buying and selling allows consumers to renew their wardrobes just as quickly and with less guilt.