Is the “circular economy” trend gaining momentum? 80% of Generation Z prefer to buy second-hand goods

Recently, a new survey by eBay showed that the younger generation, especially Generation Z, is increasingly keen on trading second-hand goods .

eBay 's 2021 Recommerce Report found that young sellers are becoming a major economic force in the secondhand resale market, with 80% of Generation Z buying secondhand goods . In addition, nearly a third of respondents started selling secondhand goods in the past year , with Generation Z making up the largest generation of sellers at 32%, followed by Millennials ( 16% ) .

The report also found that 82% of respondents have been selling second-hand goods for more than two years . In addition, 12% of respondents started selling second-hand goods in the past year, and this proportion is even higher in Europe and the United States: 22% in Canada , 21% in Italy , and 17% in the United States .

Needless to say, economics is a key driver of second-hand transactions , with 63% of Gen Z globally citing earning extra cash as the main reason for selling second-hand items.

About 20% of respondents said the circular economy, where products and materials last longer, was their top reason for buying secondhand goods . In the U.S. and Canada , resale has become a major trend, especially for sneakers, watches and collectibles.

At the same time , sustainability is also becoming a driving force for participation in the second-hand resale market . About 27% of eBay sellers worldwide cite sustainability as a reason for their participation in the second-hand trade, and 34% of buyers hope to participate in circular economy activities.

The trading of second-hand goods on eBay is not limited to vintage clothing and technology products . Collectibles have also received attention . Collectibles (including trading cards, toys, art, sports memorabilia, coins and gold bars) are the hot-selling second-hand items on eBay. Trading cards have grown significantly. In the first half of 2021, the total transaction volume of trading cards in the United States reached US$2 billion (about RMB 13.1 billion), which is equivalent to the transaction volume of the whole year of 2020.

Clothing sales also increased, with 42% of respondents saying they sell secondhand clothing, up from 37% last year. Books (28%), toys (28%) and technology (42%) remain very popular categories in the secondhand trade .

About 72% of sellers surveyed believe that buying used items has become a common phenomenon . In addition, 64% believe that selling used products has become easier in the past year, and 48% said they are selling more used items now than in previous years.

Under the influence of the "circular economy", people are now more concerned about the sustainability of goods . Led by Generation Z , the growth rate of consumer demand for second-hand goods has exceeded that of new goods, and second-hand transactions have become a new popular trend.

eBay

Generation Z

Second-hand goods