Published: Monday, September 16th, 2024
Gen Z shoppers are leading the charge when it comes to eco-consciousness and sustainability. They prefer sustainable options, like Value Pawn & Jewelry, because they dislike fast fashion and throwaway economies. The appeal and value of purchasing pre-owned designer goods also play a significant role in their shopping choices.
Pre-owned luxury goods are seen as sustainable and environmentally friendly products with longer life cycles. This is due to the fashion industry’s need to produce a new product every single year, which often gets thrown away. So buying these items from a pawn shop that are one, two, or three years older than new, Gen Z is contributing to the resale economy and supporting a circular economy. In turn, this creates less demand for new products because local pawn shops resell these items, which ultimately promotes the reduction of manufacturing of new products and reducing carbon dioxide emissions. Moreover, according to the Ellen Macarthur Foundation, “decoupling revenues from raw material production – through business models such as resale, rental, repair and remaking – greenhouse gas emissions, pollution, and biodiversity impacts can all be reduced”.
The Ellen Macarthur Foundation goes on to say that resale is rapidly growing with a USD value of roughly 73 billion, as large resale platforms – Depop, Rent the Runway, The Real Real, Vinted, Poshmark, Vestiaire Collective, and ThredUP – have reached billion-dollar valuations. “These business models have the potential to grow from 3.5% of the global fashion market today to 23% by 2030, becoming a USD 700 billion opportunity, while providing significant environmental savings from increased use and reduced production” EMF. And according to Business of Apps, “18 -26” years old – Gen Z - make up most of these users.
As an environmentally conscious generation of shoppers, Gen Z has been turning to pawn shops to reduce their carbon footprint and address climate change concerns. Their goal is to reach a zero-carbon footprint and fight climate change. This makes Value Pawn & Jewelry the pawn shop for Gen Z.
Buying Second-Hand from a Local Pawn Shop
Value Pawn & Jewelry was an early leader in helping foster this circular economy long before it became fashionable. Since opening our doors, we have assisted customers in reducing their carbon footprints. Below are a few ways pawn shop customers can reduce their environmental impact.
An effective way to achieve this trend, which shows no sign of slowing down, is buying second-hand items, including designer handbags and electronics, such as laptops, TVs, tablets, and high-end sneakers. Fine jewelry and diamond jewelry are also sustainable and valuable second-hand purchases.
Pawn shops are increasingly accepting luxury items, reflecting changing customer preferences. High-value items like luxury watches, handbags, and high-end electronics are particularly valuable and can be found on the salesfloors of pawn shops. This is how Gen Z is using pawn shops today!
Reducing Electronic Waste
Too much waste results in higher carbon emissions. Our landfills rapidly fill with corrugated cardboard, bottles, food waste, grass clippings, and sofas.
Electronic waste has also become a significant problem. According to Quantum Lifecycle Partners, the average life span of electronics has been estimated at 4.5 years, which means people discard more electronics into landfills every year. “Worldwide, the annual generation of e-waste is rising by 2.6 million tons annually, on track to reach 82 million tons by 2030, a further 33% increase from the 2022 figure,” according to the United Nations Institute for Training and Research. This makes shopping for gently used electronics the best choice for the environment.
How Younger Shoppers Can Help
Customers can help reduce their carbon footprint by using pawn shops for buying and selling, benefiting both their local communities and the global environment.
Once you’ve cleared out clutter from your garage, basement, and closets, take any items to a local pawn shop to prevent them from ending up in landfills. In addition to having a positive environmental impact, your wallet will have a positive impact too in the form of cash in hand and allowing the item to be loved by someone else.
Get Top Dollar
Gen Z consumers are turning to pawn shops as an environmentally friendly shopping solution. They see them as an efficient means of disposing of unwanted items without having to put them in landfills. Value Pawn & Jewelry’s trusted team offers short-term loans, purchases, and sales through licensed pawnbrokers with fast services.
To get the most money when you sell something to a pawn shop, ensure your item is clean, in working order and is accompanied by any original packaging, accessories, parts, or instruction manuals before taking it to the pawn shop.
Visit us today and help make a positive impact on our environment.
References
[1] Ellen MacArthur Foundation. "Rethinking Business Models for a Thriving Fashion Industry." Ellen MacArthur Foundation, 2021, [www.ellenmacarthurfoundation.org/fashion-business-models/overview]
[2] Business of Apps. "Depop Revenue and Usage Statistics (2024)." Business of Apps, 2024, [www.businessofapps.com/data/depop-statistics]
[3] UNITAR. "Global e-Waste Monitor 2024: Electronic Waste Rising Five Times Faster than Documented E-waste Recycling." UNITAR, 2024, [www.unitar.org/about/news-stories/press/global-e-waste-monitor-2024-electronic-waste-rising-five-times-faster-documented-e-waste-recycling]
[4] Quantum Lifecycle Partners. "What’s the Average Lifespan of Your Electronics?" Quantum, 2021, [www.quantumlifecycle.com/en_CA/blog/whats-the-average-lifespan-of-your-electronics]
