MGR eCommerce Edge Weekly | October 9, 2020
Top News This Week
Gen Z Spending at All Time Low as Physical Economy is Still Hurting
Gen Z, who are people currently aged 24 and under, have cut back their spending incomes get hit hard. In the 16-24 age range the most common jobs are service & retail, neither of which have recovered from the COVID pandemic yet.
While Gen Z is the first generation born into the digital world, their incomes still very much rely on the physical. This is a key demographic for many consumer brands, and those that heavily market to this group are seeing sales slow to grow back to pre-COVID numbers.
However, the secondhand market is thriving with Gen Z. It has now become trendy to buy used items instead of always ‘wasting’ money on what’s new. A staggering 46% said they frequently buy used items, and 58% said they have sold on the secondhand market. This is a huge jump as compared to the generation that came before Gen Z, Millenials.
This also has led to thriving marketplaces such as DePop, Grailed, TheRealReal, and many others that have seen massive growth in the secondhand fashion market. However, the secondhand market isn’t limited to just fashion, many new marketplaces are popping up in attempt to help people buy & sell all manner of goods.