2 Ways Gen Z Thinks Being on Facebook Saves Them Money
In 2024, Gen Z (born after 1996) socializing on Facebook is overshadowed by their engagement on social media platforms like YouTube, Instagram, TikTok and Snapchat (in that order), with Facebook coming in fifth. However, one way that Facebook has maintained its usage is through Facebook Marketplace.
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Gen Zers are using it to sell items and make money, while they use the other platforms for actually socializing with their peers. Here’s how Marketplace, which launched in 2016, is saving them money today.
Used vs. New
Research has shown that Gen Z is more likely than older generations to spend money on a brand noted for its sustainability or benefit to the planet, according to The New York Times. The generation is also much more involved in thrift shopping and other secondhand opportunities. Generally speaking, used items are cheaper than their new counterparts. With like-minded peers, Marketplace benefits buyers and sellers, who will engage in both actions.
As a bonus, Marketplace buyers and sellers have profiles and user ratings, which builds trust, and Facebook messaging is built-in for open communication. Overall, the process is much more seamless than other platforms.
Ellicia Chiu and Cher Su are two such individuals who have purchased used items for fractions of their retail costs, The New York Times noted. For example, they used the platform to purchase a couch for their Lower East Side apartment for $145 — it retailed for $1,200. A similar dynamic of discount applies to other items like a Dyson vacuum cleaner, which retailed for $470 but was $135 through Marketplace. Sebastian Ramos in Chicago secondhand sold items like his Nintendo 3DS — for which he got $150 — but if he had sold it at GameStop, he would’ve been lucky to get half that amount.
Free To Use
Marketplace is also more popular for Gen Z than Craigslist — which peaked during older generations — because it’s free to use. Sellers can avoid transaction fees by selling locally and taking cash. Local selling is also less expensive than using something like Amazon, which has its share of fees too. Moreover, it isn’t as if these sellers are at a loss for local buyers. Otherwise, Facebook Marketplace wouldn’t be as big as it is. You also can easily inspect the item in person and, if there’s an issue, it’s cheaper to resolve than return shipping through Amazon.
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This article originally appeared on GOBankingRates.com: 2 Ways Gen Z Thinks Being on Facebook Saves Them Money
