First Insight found that 62% of Gen Zers and Millennials prefer buying from sustainable brands. Some of these younger consumers now shop secondhand markets almost exclusively for apparel and footwear because it gives them access to higher-quality products they might not otherwise be able to afford. Secondhand markets also allow them to minimize their consumption footprint and reinforce their social credentials.
As eco-conscious consumers pull back spending and become more deliberative about what they buy, the recommerce market, buying and selling pre-loved goods, is poised for solid growth. More and more consumers are reusing, recycling, upcycling, and selling previously owned products.
Access to products, the value of goods, and less consumption
Consumers look to resale sites like Thredup, Poshmark, Depop, and Rent The Runway, which provide users access to preowned products at lower prices than new items and reduce consumerism. For example, a consumer may want to own a Gucci handbag but may not want to spend the money on a new one, so buying secondhand is an affordable option. In purchasing that secondhand product, consumers fill a need and contribute to a greener planet.