SECOND-HAND IS THE NEW BLACK - A COMPARISON BETWEEN MILLENIALS AND GEN Z

Abstract

The search for sustainable consumption and the desire to own unique and exclusive items, while also benefiting from an excellent quality-price ratio, have fuelled the second-hand luxury market. The resale value of the luxury market is equivalent to 39 billion dollars. It is noteworthy to observe that the resale of second-hand luxury goods is growing four times faster than the primary luxury market. Generation Z and Millennials are adopting this consumption model almost three times faster than any other generation. With the development of the Internet, high-fashion companies have undergone a radical transformation, shifting from traditional brick-and-mortar stores to e-commerce. Digital platforms such as Vestiaire Collective, The RealReal, and Farfetch showcase a wide assortment of items, supporting the growth of the second-hand luxury fashion segment and meeting the changing behaviour of Generation Z and Millennials. This paper aims to analyse the purchasing behaviour of Generation Z and Millennials in the second-hand luxury fashion world. Research results reveal that the main reasons driving consumers from Generation Z and Millennials to purchase second-hand luxury goods are related to economic, sustainable, and product uniqueness issues. Conversely, reasons for not making a purchase are associated with the stigma of uncleanliness and a lack of interest luxury fashion products.