For a long time, the younger generations have been branded as poor financial handlers, frivolously spending their wages on trends and avocados.
But in truth, this stereotype doesn’t fit the reality of the rather money-savvy generations of millennials and gen Z.
These generations might not be spinning their fortunes in the stocks, but there’s certainly money to be had in the dominating resale culture gripping the digital generations.
In this article, we’ll explore what purchases in millennial culture form these short-term investments for resale.
Retailer of classic trainers, Gola, join us to look into this further.
Preloved clothing because serious money
Apps like Depop and eBay have made reselling limited-edition clothing a breeze for tech-wise generations looking to build a profit.
There are so many stories about how entrepreneurial millennials are sniffing out limited edition items from the most popular brands, such as Superdry, during their famous limited edition ‘drops’, then rapidly reselling them.
Of course, the initial purchase is an investment, with many resellers spending hundreds of pounds or more on such a venture, but the resale of these goods can certainly turn a profit.
It helps that Instagram also weaves its way into the resale millennial culture. Sellers often combine their shop platforms with their social media accounts to merge both modelling and selling the items.
A new sneakerhead culture
One of the biggest markets for resale is footwear. Much like clothing, the main draw here is in limited edition shoes — but the sneakerhead culture is not anything new. In fact, it began nearly 30 years ago, though it’s enjoyed a huge resurgence in the last few years.
With retro and vintage vibes a hot trend, past lines of limited-edition sneakers are a valuable commodity in this market.
People are willing to set up camp outside a store before a particularly hyped drop of limited-edition trainers, in order to grab them at retail price, then sell it on for much higher prices.
Some might seek to resell the items quickly, but there’s certainly a case to be made for popping a brand new pair of limited edition trainers away for a few years before reselling in hopes that their much-hyped status will only increase that price tag as the years roll on.
A matter of taste in art
With a good enough profit from selling clothing and shoes, some resellers head into a more luxurious market.
According to Business Insider, rich millennials are snapping up art as financial assets rather than as part of a potential collection — 85 per cent of millennials purchasing artworks say they are aiming to sell in the next year.
Part of millennial culture, buying art with the intention of selling it on quickly is known as art flipping, and it’s something of a controversial subject in the art world. There are some who consider the process of art flipping as a potentially devaluing practice that harms the artist and their work.
The whole process can seem quite blunt in that it reduces art to its monetary value. But, just like with clothing and trainers, the piece’s social media hype can also spur rich millennials to part with their cash in the hope of a quick resale profit — Instagram has been highlighted by Adweek as a viable platform for creating social media adoration for artists.