eBay hits $9 billion in fashion sales as Gen Z embraces secondhand clothes
eBay and Depop hit $9 billion in U.S. fashion sales.
The short version
- Younger shoppers are driving the boom in secondhand clothing.
- Nearly 90 percent of buyers on the Depop app are under 34. eBay bought the secondhand marketplace for $1.4 billion in July.
Why it matters to you. If you run a business or clear out inventory, the secondhand boom shows just how much buyers value a bargain right now.
eBay, the online marketplace where people buy and sell used goods, just pulled off a massive win in the fashion world. The company announced that eBay and Depop, the secondhand clothing app it acquired for $1.4 billion in July, generated $9 billion in U.S. fashion sales over the past 12 months, according to Fortune.
That sales volume jumped in the mid-20 percent range from a year earlier. Depop’s U.S. sales volume more than doubled in the third quarter alone. Nearly 90 percent of Depop's 7 million active buyers last year were under 34. eBay CEO Jamie Iannone told analysts that younger shoppers are driving the boom because they care deeply about sustainability and thrift.
Nearly half of consumers ages 18 to 29 buy used goods at least every other week, compared to 28 percent of overall shoppers. Affordability is another huge driver, with 76 percent of Gen Zers saying secondhand shopping helps them manage their tight budgets.
For eBay, the strategy of managing both platforms together is paying off in a big way. CFO Peggy M. Alford said eBay is now directing more marketing resources toward Depop while lowering shipping costs.
Photo: Coolcaesar, CC BY-SA 4.0, via Wikimedia Commons
