Gen Z is leading the movement to buy secondhand. Why are they purchasing used? 

Answer: 

Questions: 

• If you have ever purchased a secondhand item, what motivated you to buy it? 
• Are there certain items you are more comfortable purchasing secondhand? Less comfortable? 
• Since saving money is the #1 reason Gen Z gave, is there a certain percentage that you are looking to save when you buy secondhand? 

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (thredUP): 

Resale has emerged from the pandemic in an extremely strong position. More consumers are shopping secondhand, growth has accelerated, and the interest from traditional retailers has soared. The economic outlook remains uncertain, but with inflation driving apparel prices higher and higher, more shoppers appear to be turning to secondhand to make their budgets stretch further. These things will ensure resale remains a disruptive part of the market and a force for good in helping people shop sustainably. – Neil Saunders, Managing Director, GlobalData

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Be sure to check out the FinCap Friday on this topic: Second-Hand Saving and an in-depth conversation with Yanely about this topic. 

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.