Reselling Takes Root as New Form of Consumption
Reselling seems to have taken solid root as a form of consumption among Korea’s Generation MZ, a term that encompasses millennials and Generation Z. Here, reselling refers to the purchase and resale of limited-edition, famous luxury items and other rare products. Though the business of reselling originated from secondhand trade, the former deals with items that excite a desire for possession, whereas the latter usually entails selling things that are no longer needed or buying necessary items at low prices.
The reselling trend started with footwear and has since expanded to multiple products such as bags, watches, and furniture, as an increasing number of people aspire to buy goods of their choice—even at extra cost.
According to an analysis report on secondhand fashion item trends released by Bungaejangter (Lightning Market), an application platform for trading used goods, 76 percent of people trading popular luxury items were from the MZ Generation and more than half of them resold the same items within a year after purchasing. Their buying and selling more than doubled that of other generations, implying that an increasing number of MZers find it reasonable to buy their desired luxury items, use them for some time, and then resell them at prices close to the original.
Another widespread practice is that of generating profit by purchasing goods that are hard to obtain, due to rarity or popularity, then reselling them at much higher prices. Given the current circumstances, the reselling trend is unlikely to disappear anytime soon.