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Gen Z and Millennials lead the eco fashion revolution with over 20M users on second-hand app
The latest trend taking the fashion world by storm – second-hand fashion trading apps and thrift stores are the go-to shopping destinations for Gen Z and Millennials. Embrace sustainability and style!
The world of fashion is constantly evolving, and a new trend is taking center stage among Generation Z and Millennials – second-hand fashion trading apps and thrift stores. According to a report by Bungaejangter Inc., a South Korean mobile second-hand marketplace, these platforms have become incredibly popular among young fashion enthusiasts. Bungaejangter, with over 20 million subscribers, is the largest used fashion trading app in South Korea, making it a household name throughout Asia.
In their recent report titled "Future Used Fashion Trend Analysis," Bungaejangter sheds light on this emerging trend. The report highlights the keywords "M.U.S.E," which represent the key findings:
M: Generation Z and Millennials value consumption that aligns with their beliefs and expresses their values through a brand's story. Compared to 2019, the trading amount for such consumption grew by an impressive 205%.
U: "Used Fashion" is gaining popularity due to its reasonable consumption approach. Among users who engage in transactions involving used luxury goods, 76% belong to Generation Z and Millennials.
S: The younger generations prefer a "style that reveals taste and individuality" and often choose classic heritage brands over fast fashion options.
E: "Used Fashion = Eco-Friendly." By participating in used fashion trading, individuals contribute to reducing carbon emissions by an estimated 6,400 kg.
The report provides insights into the used fashion industry based on consumer behavior within the Bungaejangter app. It reveals that approximately 78% of users involved in trading within the used fashion category are Generation Z and Millennials. Furthermore, the fashion category trading volume reached a staggering 1 trillion won ($772,678,102 USD) in the previous year.
Let's delve deeper into the report's key findings:
Message: Generation Z and Millennials lead the trend of value consumption. They prioritize their beliefs and values when making purchasing decisions. Brands like FREITAG, Patagonia, and VEJA, which align with their values, have experienced significant growth, with trading volumes increasing by 101% and 205% compared to 2019.
Used Fashion: Unlike previous generations, Generation Z and Millennials embrace used fashion without any reservations. They see it as a form of reasonable consumption. In the luxury goods category, they engage in used trading experiences more than twice as often as other age groups. Remarkably, 76% of users involved in trading used luxury goods belong to these younger generations. They value experiences over ownership, often reselling luxury items they purchased a year earlier at a slightly lower price, resulting in a consumption pattern that prioritizes experience.
Style: The younger generations actively pursue specific brands and products that reflect their tastes and personalities. They gravitate towards classic heritage brands rather than fast fashion trends. Heritage brands like POLO, LACOSTE, and Tommy Hilfiger experience trading volumes over 312% higher than fast fashion brands such as H&M, ZARA, and UNIQLO. The average unit price of used fashion products on Bungaejangter has also increased by 37% since 2019, reaching 110,000 won ($85 USD) in 2022.
Eco-friendly: Used fashion aligns with eco-friendly values. It offers a new alternative to combat the environmental issues caused by excessive production and consumption in the fashion industry. In 2022 alone, Bungaejangter's secondhand trading reduced carbon emissions by a staggering amount ranging from 64,396,482 kg (based on one T-shirt) to 307,263,212 kg (based on one pair of jeans). To put it in perspective, this reduction is equivalent to the carbon absorbed by 9.7 million 30-year-old pine trees in a year.
The world of fashion is evolving, and an exciting trend has emerged among Generation Z and Millennials – the popularity of second-hand fashion trading apps and thrift stores. Bungaejangter Inc., the largest used fashion trading app in South Korea with over 20 million subscribers, has released a report titled "Future Used Fashion Trend Analysis" that sheds light on this trend.
#SecondHandFashion #SustainableStyle #GenZFashion #MillennialStyle