The proliferation of online shopping accounts on social media that sells a variety of used fashion products that are still suitable for use, not without reason. Quite a lot of enthusiasts, including millennial generation.
The millennial generation is very concerned about social status, usually seen from what fashion brands they wear. That is why luxury fashion brands are one of the requirements to be up to date for them.
Talking about the millennial generation, what comes to our mind is not far from the latest social media and lifestyle. About the choice of fashion style, the young generation who was born between 1980s and 2000s (are you included?) Can be said to be very trend-following. The need to look trendy is inevitably driving their shopping behavior.
The trend of buying Used Fashion Products
Buy preloved items is also basically not without consideration. Based on a survey of millennials aged 18-34 in seven countries (Australia, China, Hong Kong, Indonesia, Malaysia, New Iceland, and Singapore), there are 4 factors that millennials see before deciding to buy luxury branded goods.
1. Frequency of purchase is usually once in 1-3 months.
2. The most widely purchased products are shoes and leather accessories (bags, one of them).
3. About the brand, Chanel is the most favored, followed by Balenciaga, Hermés, Prada, and Gucci.
4. Millennial consumers place great importance on material quality, color, and product condition when they are sold preloved.
Stylish While Investing
This millennial consumer behavior will ultimately affect the industry resale which will increase from $ 18 billion in 2016 to $ 33 billion in 2021. This data is taken from the “Fashion Re-Commerce Update” report by Fung Global Retail & Technology, which also indicates branded goods are a form of investment. Moreover, enthusiasts of fashion goods from world fashion houses (such as Hermés Birkin luxury bags) do not show decreasing, even increasing, thanks to millennials.