Amid the rise of conscious consumerism and circularity in fashion, the new generation (Gen Z) of young entrepreneurs is revolutionising the online marketplace, as per a study conducted by Whop.
With 400,000 US teenagers generating financial earnings from selling second-hand goods online, primarily clothing, Gen Z has reshaped the industry.
This surge in teen entrepreneurship is driven by the growing popularity of online platforms like Vinted, which has seen a threefold increase in users in the past four years. With easy access to technology, teenagers are leveraging these platforms to monetise their belongings and skills.
The digital income sources for the people majorly included re-sale of clothing and accessories (16.69 per cent), video game streaming (10.09 per cent), in-game currency earnings (10.79 per cent), gaming tournament prizes (9.20 per cent), and product reviews (8.75 per cent)
The rise of online retail has also increased the second-hand marketplace exponentially.
As many as 42 per cent of the youth is generating income via online sources and 32 per cent out of them considering re-selling clothing items to be the most sustainable digital income opportunity.
Teenagers are at the forefront of this trend, pioneering new ways to generate income and build financial independence.
