Collaborative consumption: An investigation into the secondary sneaker market

Abstract

The retail industry is functioning in an ever-changing business environment, with consumer behavior changing and adapting at a fast rate. Increasingly, the consumer's interest in the resale and renting of merchandise is altering traditional consumption and forcing retailers to embrace new business models. Interest stimulated among younger consumers (i.e., Millennials and the Generation Z cohort) in the media and sustainability can contribute to these notable changes in the retail industry (Hamari et al., 2015). These trends have disrupted the retail industry, especially as Millennials and Gen Z members rely greatly on information about social and environmental impacts when purchasing products and services, to a greater extent than previous generations (Vestiaire Collective & BCG, 2019).Furthermore, social media platforms (e.g., Twitter and Instagram) heighten the need for consumers to regularly update their looks on social media (Wigder, 2019). Thus, it can be stated unequivocally that resale satisfies two very important demands of consumers who are digitally connected, to "be seen in new styles constantly" and to be "conscious about sustainability" Resale Report, 2019. This trend of re-commerce or "collaborative consumption" is contributing to the growth of the secondary market, predicted to reach $51 billion by 2023 (Sorokanich, 2019) and is heavily embraced by Millennials and Gen Z members (Carufel, 2020). Collaborative consumption has disrupted the retail industry and has seen a growth 21 times quicker than that of traditional retail since 2016 (Gasparo, 2019); hence, the retail industry should thoroughly investigate and understand how this phenomenon of collaborative consumption is impacting not only

Shared consumption and its determinants: A systematic literature review and future research agenda

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Delving into the behaviour of sharing economy consumers: a literature review

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