More than 6 in 10 plan to buy secondhand for the holidays

A gift of a first edition of a classic book can be more meaningful than its latest paperback printing, and as resale booms, that goes for other categories, too.

More than 6 out of 10 (62%) of US consumers plan to purchase secondhand items this holiday season. Among millennials that jumps to 78%, and among Gen Z to 70%, according to a new holiday report from ThredUp.

The responses include presents both for others and—“Oh, I shouldn’t have!”—self-gifting. ThredUp commissioned GlobalData for the survey of 2,123 US adults in September.

While the most common drivers cited by respondents planning to buy secondhand were that it costs less (58%) and makes budgets go further (53%), and another 41% said it lets them afford better quality.

Jessica Ramírez, co-founder and managing director of The Consumer Collective, a consumer insights and advisory firm, noted that in the luxury handbag market, demand for new products has waned in recent years while it’s risen for used bags. Seeking out a used Birkin as a gift for that friend who covets one might touch the recipient more than a new bag.

“It’s something that that person thought about and went on that track to find you that specific particular thing that you might really like,” Ramírez told Retail Brew.

More than half (55%) of respondents to the ThredUp survey say they prefer to receive a unique used gift in excellent condition over a new mass-produced one. Considerably more millennials (69%) would prefer receiving such a used item over a new one.

The enthusiasm isn’t just on the buying side. Among respondents, 53% already have or expect to sell clothing or other items to help fund holiday purchases. Again, it’s millennials who overindex most on that front, with 69% funding (or planning to fund) holiday spending that way, followed by Gen Z, at 66%.