“Millennials and Social media booming the second-hand economy market”

The company Thred up released Thred Up Annual Resale report 2017  in February this year. It states that between December 2015 and February 2017 the growth of resale/preloved items increased by 70 percent.

University Students Fiona Li, Seraphina Buay and Tara Chandra created a second-hand vintage store on Instagram @Secondtimenew in July this year.

 

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Second time new Instagram page (left), Photography by Alana Su-Navratil/Getty

 

 

Ms Chandra says “I think it has been quite successful..we have sold half of what we listed and we got six-hundred followers in a month which is pretty good.”

The students say they have seen other successful second-hand vintage accounts on Instagram.

Clare Press, fashion journalist and Author of ‘Wardrobe Crisis’ says the resale of vintage second-hand clothing is a trend that is growing and millennials are the generation to increase awareness.

The report also said that Millennials are the most likely group to shop second hand in the future..

 

 

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Mrs Press says “there is a wider interest…I think young people just know that it is not good enough and they want something better in their system that needs to be circular.”

Rebecca Vanezuala, Senior Lecturer, Department of Economics says the pressure of money is changing the mindsets of people to buy more second-hand goods.

She says “young people are embracing the second-hand share economy idea. They are more adapted to technolohgy… and in particular Instagram is the perfect avenue for deseminating information”

Ms Chandra says, “Instagram has a bigger outreach and it is a good place for people who are interested in fashion.”

The Sensis Social Media report 2017 surveyed 160 people and stated that those surveyed 35% research fashion and clothes on social media.

Mark McCrindle, Demographer, and Social Commentator says, Instagram helps promote small businesses like @Secondtimenew “It is great because it is a visual platform..which for fashion is key.”

 

 

 

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