Insight: Young adults crowned thriftiest generation as they cash in on resale apps – Fashion Retail Academy
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Britain’s youngest adult demographic, aged 18-24, has been crowned the thriftiest age group when it comes to getting rid of unwanted clothing, shoes and accessories, according to research by the Fashion Retail Academy.[1]
A poll has revealed that those aged 18-24 are the most active at selling their unwanted garments with 22.8%selling their clothes via resale apps like Depop and 11.9%selling to their friends.
They are also the most active at when it comes to making money at car boot sales with 13.2%revealing that’s how they get rid of the unwanted items in their wardrobe.
Older generations are not as savvy, the research shows, with only 11.4%of 25-34, 6.5%of 35-44, 8.45%of 45-54 and 3.8%of 55+ using car boots sales and just 18.4%of 25-34, 16.8%of 35-44, 14.9%of 45-54, and 9.5%of 55+ sell their clothes using fashion resale apps.
The way in which people sell their clothes now compared to five years ago has changed drastically. In the past, people used to sell their unwanted items at the local car boot sale, but now we are living in a much more digital world where you can do almost anything using your smartphone.
In fact, the number of people selling their unwanted garments via apps has increased by 113%in the past five years, while the number of people selling at car boot sales has decreased by almost a third (31.4%).
The findings come after the Fashion Retail Academy revealed Brits are sitting on a £4.1bn goldmine of unwanted clothes they ‘can’t be bothered’ to sell or donate.
The research reveals that selling via apps is most popular in the South East, followed by Wales, East Anglia, the East Midlands and London and the North West in joint fifth place.
Lee Lucas, principal at the Fashion Retail Academy, commented: “This study highlights the ongoing move to a more digital world, with Britain’s youngest generation leading the way.
“The sheer choice of fashion resale apps like Depop, Vinted, eBay, Facebook Marketplace, and others, demonstrates the strength of demand for simpler ways of converting unwanted items into cash.
“Convenience is king, and we expect the rapid growth of resale apps to accelerate as digital natives come to dominate every economically active demographic.”
