Live on Bloomberg TV

00:00Well, you can give us a really interesting take, particularly of where Gen Z are putting their money to work, because I suddenly started to read more of my items, perhaps look for second hand. And is that more focused on money and a recession worry or is that more focused on sustainability in the here and now? You know, it's really both. I think that, Rick, Commerce is selling and buying of used and loved goods is really a dual issue. So people have an opportunity to get online. Things are laying around their house and make a profit. Potentially an extra couple of dollars in their pocket as we head into the holiday season. At the same time, they're helping the environment. Not only does this item get a second wife and not go to landfill, but you're also helping to avoid additional carbon emissions being put in the air, which is really critical when we're in a time of a climate crisis. What are people selling right now? They're selling just about everything you mentioned that people wanted before. Electronics, apparel, handbags, sporting goods, whatever. Whatever you can imagine. We have it all on eBay. And people are really buying all those items because they are also contributing to the circular economy. It's a Joel Weber. And so when for your pocket and so went to the planet. Rene, eBay story, technology names to some people. A blast from the past. To be fair, but a lot of the data that I've read throughout Tuesday suggests actually there is a younger audience going to eBay in search of goods, selling goods. My question is, why are they driven by cost consciousness? Are they driven not so much about cost consciousness or, you know, value for money? I want the bang for my buck. Talk us through the spending patterns you're seeing. With the urgency and millennials, they're not having the same stigma attached to buying used. Buying a pre love item that maybe my generation did. They're seeing that there is there's money to be saved while you're participating online in the circular economy. But they're also having the added benefit of knowing that they're not contributing extra waste to the landfill. They're not contributing extra emissions to the atmosphere. And so that circularity of seeing used goods being sold and being bought online is really increasing. Over 50 percent of our survey participants said that they're selling more used goods online than they have in previous years. So we're seeing a real trend here. What are some of the weird and wonderful things people are buying? Like really, really wonderful, really weird and wonderful. ISE. There is an old story floating around about somebody trying to a think sell their soul, but that didn't really fly. So that got squashed pretty quickly. But the wonderful things are there's unique finds, there's a teacup that your grandmother may have had an asset and it was broken. And then that one item is online. You were able to match it and bring it back and put it with the set that your grandmother had. So there's really a lot of opportunity, I think, on eBay, not just for the sellers, but for buyers as well. And I'd also like to mention a related issue that we're working on right now has to actually do with Congress in ten ninety nine K forums. So there is a limit right now on selling on eBay and other marketplaces. Six hundred dollars. And if you sell six hundred dollars or more worth of items that could be laying around your home, you're gonna get this tax form come January. Unless Congress acts now to change this threshold and raise it back up somewhere near where it used to be potentially a year ago was twenty thousand dollars. So you can see how this distance minimizes the potential for re commerce, the potential for selling goods online, that you can make a couple extra dollars as we head into the holiday season. You know, we really do need Congress to take this seriously and take a look at it. That's interesting, because particularly when you have led into luxury items, you've been focusing on all fantasy t. You've been really leaning into well, it's now kind of pull back the whole NFTE craze. But the focus on sneakers, on collections of just what people wanted to buy of collectibles, is that gonna be hit with the price point like as we go into this slightly slower economy? I don't think I have the data to speak specifically to that price point being the sustainability professional that I am. What I can tell you, though, is that those luxury items that are being resold are just as valuable in terms of avoiding emissions and avoiding waste as they're lower and items. The sweaters are in my closet. The average American household from our last survey has four thousand dollars worth of things in their household that they can sell. And now we're heading into the holidays. That could be the difference between putting a present under the Christmas tree or exchanging gifts during Kwanzaa or even putting the turkey on the table. And so we don't want to see this ten ninety nine K form, which is could be really confusing and distance in advising to casual sellers impact what what we want to see is participation in the circular economy.

No schedule data available.

Holiday 'Recommerce' Trends

EBay Chief Sustainability Officer Renée Morin joins Caroline Hyde and Ed Ludlow to discuss the retail reselling trend this holiday season and why eBay is opening a store in NYC that accepts pre-owned luxury as currency. (Source: Bloomberg)

More From Bloomberg Technology
All episodes and clips