MGR eCommerce Edge Weekly | October 9, 2020

MGR eCommerce Edge Weekly | October 9, 2020
Top News This Week

GenZ_Spending

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.

Other Notable Links:

1. Fashion resale site, Poshmark, is going public – BOF
2. The new localism, is local the new luxury? – SOCIOLOGY OF BUSINESS
3. Snapchat launches ‘Ad Bursts’, a new high-frequency option that seems to be performing well – DIGIDAY

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2020-10-12T10:32:02-07:00

About the Author:

Manuel Gil Del Real is the owner of MGR Consulting Group, an Interactive Marketing Agency providing marketing solutions to companies worldwide. He’s also an auto racing enthusiast and a blog author who enjoys sharing his thoughts and ideas on eCommerce, SEO, Social Media, Website Design, Video Marketing Internet Marketing, entrepreneurial advice, lifestyle and travel experiences among many others.