Shifting personal priorities are reshaping the next generation of consumer choices, according to Mastercard‘s inaugural Conscious Consumer Report.
While affordability, longevity and brand trust remain primary drivers of purchasing decisions, consumers are still seeking options that align with their personal values. Spending behavior from the Mastercard Economics Institute, one of the data sources that Mastercard drew from for this report, confirms that secondhand shopping growth is outpacing retail overall by a wide margin. Notable growth in the rental economy is also reported.
Secondhand shopping is growing over three times faster than traditional retail for clothing stores in the top 20 circular shopping economies. And circular behaviors, such as resale, rental, repair, and reuse are no longer niche — they are becoming normal, according to the report.
Younger generations are driving this opportunity. The report found that Gen Z and Millennials are more than four times more likely (30 percent) than Boomers (7 percent) to say they rent products instead of buying new ones. Across different circular models, younger generations, and especially in emerging markets, are fueling this growth.
