It’s not uncommon to receive gifts you don’t want or can’t use during the holidays. There are people who may think it’s rude or cheap to sell gifts or give items to others. There is a generation that doesn’t think this way. Gen Z is known for reselling holiday presents. Some people may feel it’s important to keep a gift to satisfy the person who purchased the present.
Why did Gen Z resell their holiday gifts?
There are different reasons why Gen Z resold their gifts, which may include the following.
One of the primary responses to this question may be how Gen Z was parented. Gen Z differs from millennials because this is the first generation raised by Gen X. The parenting style of Gen X makes Gen Z a much different generation than millennials. The practical training Gen Z received from their parents has led this generation to a high level of financial literacy. This generation is very educated because their parents emphasized that they attend college due to the decline in blue-collar jobs.
Gen Z has practical views about finances and the financial responsibilities in families. Gen Z believes in being responsible, and they don’t feel entitled to anything. A study found that 79% of Gen X feels that a two-parent home should share the financial responsibilities between spouses.
The desire to act responsibly shows that Gen Z is practical. Gen Z is more likely to share financial responsibilities than baby boomers, which shows they are 5% more willing to work together to earn income. The divorce rates may have impacted how some people in Gen Z view money. Gen X may have seen the financial strain men experienced taking on the financial responsibility of families led by baby boomers.
While baby boomers wanted their children to have a more relaxed lifestyle and have an easier life, Gen Z has less of the attributes of the millennial generation consistent with how the baby boomers believe in parenting their children.
Generation Z’s Personal Style
Gen Z knows that people put effort into buying them presents but some gifts are not suitable for them. Parents may select items that don’t fit a child’s personal taste. When this occurs, someone may resell the gift and purchase another item.
While some people wait for the holidays to end and unload unwanted items during a change of seasons, other people resell gifts immediately. There were 30% of Gen Z that indicated they planned on reselling holiday gifts they received. This generation resells more than other generations. Research indicates that 37% of Gen Z shops at reselling stores compared to 27% of millennials and 19% of baby boomers.
Money Management Skills
Money management may be a reason Gen Z sold holiday gifts. This generation prioritizes saving money and investing and has good money management practices so reselling is something high on the priority list for Gen Z because they are trendsetters that are entering the workforce in a way that has earned attention from leaders in large organizations and industries.
A Cautious Generation
Gen Z is known for its safe behavior. This generation does not take risks. Gen Z does not waste money on things such as drugs and alcohol and shows less self-harming behavior which may result from having parents that grew up during a time when the United States focused on healthy behavior because of the AIDS epidemic. Nancy Regan taught Gen X the importance of not doing drugs.
Social Media Influence on Spending
Social media has also made it popular for people to resell clothes. If people have clothes or items that are in their closet that don’t make them happy any longer, they may resell those items and receive money to move on to other purchases. People are refraining from wearing the same clothes multiple times and the resell industry makes it popular for people to wear expensive items and then resell them so they can buy other clothes. This makes it popular for people to resell valuable items received during the holidays if they are valuable and individuals no longer want to wear or use those items.
Gen Z is thrifty with their money. Some of this generation has figured out how to stay debt-free because 40% of people between the ages of 18 and 22 are not in any debt. The ability to avoid being in debt demonstrates that Gen Z has figured out ways to have the items that they want using the resources they have available.
Gen Z is likely to participate in cost savings programs which include the following.
- Renting items
- Reselling goods
- “Pay as you go” services
The ability to take advantage of online sites and retail stores that cater to the needs of Gen Z has helped this generation meet financial goals. By making practical decisions concerning holiday gifts, Gen Z has maintained its uniqueness. This generation has capitalized on business models that provide the access necessary to make wise financial choices.