Gen Z seeks value for their money: Trends That Prove It TrueBlog 21.11.2023
In a world where consumption is readily accessible, Gen Z is reshaping the norms of spending by prioritizing value for their money. These five trends mirror their financial consciousness and, in doing so, redefine our perspectives on consumption and lifestyle.
Trend 1: Second Hand and Peer-to-Peer Commerce
While ordering inexpensive items from Shein might signal a reluctance to overspend, many young consumers prioritize sustainable choices that don’t strain the environment or their wallets. A prime example of this is the Secondhand Revolution.
According to The Resail Report 2023, the global secondhand apparel market is anticipated to grow three times faster than the global apparel market overall. Gen Z’s love for second-hand fashion allows them to express their unique style in a way that mass-produced chain store items can’t. Moreover, about a third of Gen Z turns to secondhand options to afford higher-end brands.
Recognizing the appeal of the circular economy, more brands are launching their own resale programs. Entrepreneurial-minded youths are also active sellers in the secondhand market, with platforms like Depop experiencing a boom.
Trend 2: Dupe Culture
For Gen Z, splurging on brands isn’t always the wisest choice. Instead of labeling more affordable versions as knockoffs, TikTokers have coined the term “dupes,” referring to duplicates or affordable alternatives. This term, initially popularized by beauty YouTubers, has now expanded to encompass various products, not only skincare.
With over 6 billion views on TikTok under the hashtag #dupe, users showcase budget-friendly alternatives in makeup, fashion, home decor and even therapy. Dive into TikTok’s dupe trend to save some money!
Trend 3: Hypermarket Hype
Gone are the days when accessories from hypermarkets were something to be ashamed of, and the most coveted items were from high-end brand stores. According to YPulse’s report, up to 76% of individuals aged 13-39 consider it cool to buy clothes from Walmart, Target, and Amazon.
The charm of hypermarkets lies in the thrill of treasure hunting. Young consumers share stories of finding surprisingly good products at affordable prices in hypermarkets and big-box retail stores.
Trend 4: DIY Mindset
Instagram’s trend report, based on a survey of 1,200 social media users aged 16-24 in the US, revealed that half of the respondents was planning to DIY their clothes in 2023. Environmental concerns and the desire to own unique items within budget are driving factors.
The DIY mentality extends beyond clothing. Gen Z is embracing DIY education, combining self-teaching, short courses, and online learning to shine in the ever-changing job market. This approach not only equips them with the necessary skills but also helps avoid the burden of hefty student loans. According to global research, half of Gen Z believes they can succeed without a college degree.