By Kyle Mayers, Wheel Price
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Millennials and Generation Z are at the forefront of a significant shift in changing consumer habits. These emerging trends have impacted various industries; especially in fashion, where the secondhand market is expected to outpace the global overall apparel market by 3x*. We are seeing these trends take shape in the automotive sector as well. Among younger car enthusiasts, the preference for secondhand wheels is gaining significant traction.
Why are younger enthusiasts choosing secondhand wheels?
Environmental Responsibility:
Environmentally conscious shopping is top of mind. Millennials and Gen Z are keen on minimizing their carbon footprint. According to studies, Millennials (39%) and Gen Z (36%) rated sustainability as an important factor when shopping**. Buying used wheels reduces the need for new production, which in turn reduces the energy consumption and resources required for manufacturing.
Community and Self-expression:
Younger car enthusiasts value individuality and self-expression. Used wheels provide a unique opportunity for them to stand out at car shows. These wheels often come with a rich history and provenance that new ones lack.
Cost-effective:
Secondhand wheels are a cost-effective choice. They often come at a fraction of the cost compared to new ones, making them an attractive option for younger consumers that are budget-conscious. This affordability allows them to allocate their resources towards other automotive upgrades or maintenance.
Consumer behavior and views among younger car enthusiasts are shifting – companies should revisit their marketing and product strategy to align with these emerging trends.
Source:
*https://cf-assets-tup.thredup.com/resale_report/2023/thredUP_2023_Resale_Report_FINAL.pdf
**https://static.ebayinc.com/assets/Uploads/Documents/eBay-Recommerce-Report-Highlights-2022.pdf