eBay is planning on reaching Gen Z and Millennials by going back to their roots. With a rise in second-hand luxury goods, eBay is “moving back to its origins as a place for used items”—which will ultimately help them compete with Amazon. Young consumers are interested in sustainability and “recommerce,” and eBay arguably pioneered the industry online. In an interview with Financial Times, eBay’s CEO said of the move, “The smart luxury retailers will set aside their disdain for the democratizing of their luxury brand and use it as an entry point to build the next generation of brand loyalists — on their terms.” YPulse research shows that Gen Z and Millennials are redefining luxury; anything with a recognizable brand name can be considered luxury to them and price is a top factor in determining where they shop. (PYMNTS)
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