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Gen Z, Millennials lead growth of US resale market: survey
03 Oct '19
2 min read
Pic: Shutterstock
Nearly three-quarters of respondents in a US survey said they were shocked or betrayed that most donated clothes end up in garbage dumps. Selling items (46 per cent) was the most popular choice for respondents when they clean out their closets, followed by donating (40 per cent). Gen Z and Millennials are spearheading the terrific growth of the resale market.
There were recent reports that Goodwill and other used apparel donation centres send around 85 per cent of donated clothing to landfills or for incineration.
The recent survey was commissioned by automated reseller listing app SellHound, an artificial intelligence-powered app that enables users to sell on eBay like a professional.
An overwhelming majority of respondents (95 per cent) have been inspired, at one point or another, to clean out their closets. The top reason for doing so (73 percent) was to make room for new clothes, said a SellHound press release.
Interestingly, the fourth most popular inspiration for respondents to clean out their closets was Marie Kondo, also known as KonMari, a Japanese organising consultant and author.
The respondents’ favourite reseller marketplaces were eBay (70 per cent), followed by Facebook Marketplace (39 per cent) and Poshmark (21 per cent). Over a quarter said they would quit their jobs to become full-time resellers if they were able to make a living.
However, the time it takes to craft listings for these online marketplaces was one of the greatest pain points for resellers. Respondents reported the most difficult aspects of creating a listing as identifying a competitive price for an item (68 per cent), followed by taking great product photos (46 per cent) and writing a descriptive and competitive listing (16 per cent).
Power sellers, defined as people who sell full-time or frequently every week, are common across all generations. Younger generations were the most likely to be power sellers with 36 per cent of Gen Z and 30 per cent of Millennials identifying themselves as such, while only 12 per cent of Gen X and 21 per cent of Baby Boomers also considered themselves power sellers.
Streamlining the creation of listings for reseller marketplaces will likely enable the online resale commerce industry to grow and prevent more second-hand items from ending up in landfills, the survey found.
There were recent reports that Goodwill and other used apparel donation centres send around 85 per cent of donated clothing to landfills or for incineration.
The recent survey was commissioned by automated reseller listing app SellHound, an artificial intelligence-powered app that enables users to sell on eBay like a professional.
An overwhelming majority of respondents (95 per cent) have been inspired, at one point or another, to clean out their closets. The top reason for doing so (73 percent) was to make room for new clothes, said a SellHound press release.
Interestingly, the fourth most popular inspiration for respondents to clean out their closets was Marie Kondo, also known as KonMari, a Japanese organising consultant and author.
The respondents’ favourite reseller marketplaces were eBay (70 per cent), followed by Facebook Marketplace (39 per cent) and Poshmark (21 per cent). Over a quarter said they would quit their jobs to become full-time resellers if they were able to make a living.
However, the time it takes to craft listings for these online marketplaces was one of the greatest pain points for resellers. Respondents reported the most difficult aspects of creating a listing as identifying a competitive price for an item (68 per cent), followed by taking great product photos (46 per cent) and writing a descriptive and competitive listing (16 per cent).
Power sellers, defined as people who sell full-time or frequently every week, are common across all generations. Younger generations were the most likely to be power sellers with 36 per cent of Gen Z and 30 per cent of Millennials identifying themselves as such, while only 12 per cent of Gen X and 21 per cent of Baby Boomers also considered themselves power sellers.
Streamlining the creation of listings for reseller marketplaces will likely enable the online resale commerce industry to grow and prevent more second-hand items from ending up in landfills, the survey found.
Fibre2Fashion News Desk (DS)
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