Sustainability Drives Gen Z and Millennials to Lead the Circular Fashion Market
- Nearly 90% of consumers bought or sold used items in the last year, according to eBay’s report.
- 65% of Gen Z and millennials are top purchasers of circular fashion.
- Pre-loved items make up 40% of eBay’s gross merchandise volume.
- Top pre-loved purchases include clothes, books, shoes, home and garden, and tech/electronics.
- Sustainability is a key motivator for Gen Z and millennials in selling pre-owned items on eBay.
- 55% of ThredUp customers plan to continue purchasing used clothing despite economic conditions.
A recent survey by eBay and OfferUp found that nearly 90% of consumers have bought or sold pre-owned items in the past year, with sustainability being a major factor. The report shows that Gen Z and millennials are leading the way in circular fashion purchases. Pre-loved items account for 40% of eBay’s gross merchandise volume, with clothes, books, shoes, home and garden, and tech/electronics being the top categories. Saving money is a primary motivation for both buying and selling pre-owned goods.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the rise of pre-owned shopping behavior and its motivations based on surveys from eBay and ThredUp. It presents data and statistics to support its claims and discusses the reasons behind this trend. However, it could benefit from more context or background information on the circular economy and the broader impact of fast fashion.
Noise Level: 7
Noise Justification: The article provides relevant information about the rise of pre-owned shopping behavior and its impact on the circular economy, but it is mostly focused on promoting eBay’s report and statistics without offering much analysis or insight beyond what is already presented in the data. It lacks a critical perspective or deeper exploration of the topic.
Financial Relevance: Yes
Financial Markets Impacted: eBay’s stock price, secondhand market, resale industry
Financial Rating Justification: The article discusses the rise of pre-owned shopping behavior and its impact on eBay’s business, which can affect their financial performance. It also mentions the growth in the secondhand market and resale industry, which may have implications for other companies involved in these sectors.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article. The topic discusses the rise of pre-loved shopping behavior and its impact on the circular economy, but it does not involve any major disasters or crises.
www.retaildive.com