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Trend Alert introduces you to the latest trends that are impacting the daily lives of 16-24s.
According to a new report by fashion resale platform The Real Real, Gen Z are leading a fast-growing trend in the sector which reflects their entrepreneurial nature.
Data from The Real Real shows that in the first half of 2022, there was a 50% increase in people aged 25 and under reselling items that they had originally bought on the platform. While some of these sales could represent customers selling on products they regretted purchasing or no longer wanted, the report suggests that the goal for most is to make a profit. Purchasing and reselling items for profit is a side hustle that appeals to Gen Z as it’s accessible (no experience or job application required – all you need is the upfront cash to get started), fun, flexible, and aligns with their skillset as digital natives.
The Real Real’s senior director of women’s merchandising told Bloomberg: “What’s really interesting about this cohort is that they’re reselling what they buy much faster than any other demo.” The research also revealed the luxury brands trending with Gen Z, which include Prada, Reformation, Balenciaga and Cartier.
This entrepreneurial trend is part of the broader rise of the side hustle among Gen Z, which is documented in our new report Youth Trends: The Future of Work, available now on Voxburner+. Our research revealed that 35% of 16-24s have started their own business or side hustle and another 49% are interested in doing so. We found that the main motivations for starting a business or side hustle were that they wanted to turn their hobby into a job, they thought it would be an easy way to make money, and they liked the flexibility compared to a regular job. However, it’s clear that many young entrepreneurs are naive about how much money they will make and how difficult it is to run a business or side hustle, as these were the most common reasons for them to give up.
Despite the challenges, it’s likely we will continue to see increasing numbers of young people starting side hustles such as fashion resale, as the rising cost of living and inflation drive them to look for alternate and additional sources of income.
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