According to a report by ThredUp, around a third of Gen Z in the US chooses secondhand to afford higher quality brands.
Persistently high inflation and fears of an economic downturn are the main reasons behind these shifts in preferences.
Popular resale brands include Lululemon, Coach and Kate Spade.
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One Record number of Gen Z in the US are living at home, fueling a luxury boom. About 30 percent of Generation Z – those born between 1997 and 2012 – buy luxury second-hand items. They do this to be able to afford higher quality brands. That’s according to a survey by ThredUp, an online platform for thrift stores and resales. ThredUp used data obtained from a GlobalData poll at 3012 American adults originate in December.
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And it’s not just Gen Z: Americans bought about 1.4 billion pieces of second-hand clothing last year. Normally would have bought new. That’s a 40 percent increase from 2021, according to the report.
Inflation and fears of a prolonged economic crisis are affecting buyers
The most popular resale brands include: das iconic athleisure company LululemonAmerican luxury fashion house Coach and fashion brand Kate Spade New York.
Two out of five items of clothing in Gen Z closets previously belonged to someone else, according to the report.
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Additionally, 64 percent of Gen Z surveyed members search for a second-hand item before buying it new. That’s a four percentage point increase from 2021, according to the ThredUp report.
Persistently high inflation and fears of an economic slowdown are the main reasons for these shifts in preferences, the report says. On March 22, the US Federal Reserve raised interest rates for the ninth consecutive year to fight inflation.
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