Do you have the impression that a general enthusiasm is growing around the use of used cars online? This is just the beginning according to a new study from resale platform Thredup, broadcast by Fashion business. According to her, the global online second-hand market is expected to reach $350 billion by 2027, thanks in large part to Generation Z (born between 1997 and 2010).
Generations Z and Y, responsible for the explosion of the online second-hand market
Released on April 12, 2023, Thredup’s latest report, which draws on additional data and research from data analytics firm Globaldata, calculates that Gen Z and Millennial consumers (1984-1996) would account for 2/3 of spending in the used.
The study also surveyed more than 3,000 adults in the United States to better understand their shopping behaviors. It follows that the use of used goods falls fully within the reflections of Generation Z, since 58% of them have already made at least one second-hand purchase online in the previous twelve months, or more than all other generations.
Online second hand is growing twice as fast as physical
That’s why Thredup believes this generation is leading the growth of the online market. The latter grows twice as fast as the physical one (obviously, since second hand clothes are already well established and tend to close rather than multiply) and should reach $38 billion by 2027.
The emergence of these buying habits pushes brands to act quickly to capture this young audience passionate about second-hand goods online, explains Anthony Marino, president of Thredup, a Fashion business :
“With more than half of Gen Z saying they are more likely to buy from a brand that offers used goods alongside new, resale is becoming a major issue for retailers. »
Is the fast fashionization of the second hand inevitable?
A third of retailers say they want to reduce production if reselling works well for them. And among merchants who are already reselling, 82% expect a positive return on investment.
On the other hand, the study also notes that if the market is only growing, this is double-edged news from an ecological point of view. Of course, a second-hand purchase pollutes less than the same first-hand one, sure, but if we continue to produce and consume more and more, faster and faster, this in no way solves the accelerated ecocide we are going through. Fast-fashioning of the second hand when you squeeze it…
Source: Madmoizelle
Mary Crossley is an author at “The Fashion Vibes”. She is a seasoned journalist who is dedicated to delivering the latest news to her readers. With a keen sense of what’s important, Mary covers a wide range of topics, from politics to lifestyle and everything in between.
