Gen Zers certainly have a penchant for the past, reviving so-called “grandma” hobbies like collecting vinyls, crocheting, making pottery, and birding in their quest to get offline. An unlikely beneficiary of this new yearning has been eBay, which recently acquired secondhand marketplace Depop for $1.4 billion in July, and is now cashing in on Gen Z’s appetite for thrifting clothes.
The e-commerce platform’s executives reported on Wednesday’s Q3 earnings call that eBay and Depop generated $9 billion in U.S. fashion sales volume over the past 12 months, up in the mid-20% range from a year earlier, counting Depop’s sales before the acquisition. Depop’s U.S. sales volume more than doubled year-over-year in the third quarter as younger shoppers turn to other people’ closets for their clothing hauls. Nearly 90% of Depop’s 7 million active buyers last year were under 34, according to eBay’s 2026 Recommerce Report.
“Gen Z aren’t just embracing secondhand, they’re redefining its place in fashion,” a Depop spokesperson told Fortune. “On Depop, they’re both the buyers and the sellers, and they’re not just trying secondhand, they’re coming back to buy and sell again and again.”
eBay CEO Jamie Iannone told analysts that Gen Z’s sustainability focus is driving their interest in buying secondhand. Nearly half (46%) of consumers ages 18 to 29 buy used goods at least every other week, compared to 28% of overall consumers, according to the report, which surveyed 10,523 people across 10 countries including the U.S., U.K., Germany, France, and Japan.
“The younger generation specifically is much more focused on sustainability and driving recommerce,” Iannone said. “If you talk to Gen Zs, they’ll tell you everything that you ever
want already exists in this world.”
Affordability is another driver, with 76% of Gen Zers in the report saying secondhand helps them manage their budgets, compared to 70% of overall consumers. And the trend could continue, with 60% of U.S. consumers ages 18 to 29 expecting to increase their secondhand purchases next year, compared with 41% for overall American consumers, per the report.
Fashion brands are also catering to younger shoppers’ appetite for used clothes. Fortune previously reported Zara, Lululemon, H&M, and Levi’s have developed resale programs to capture a share of purchases that would otherwise go to third-party marketplaces like Depop, Poshmark, and ThredUp. The global secondhand apparel market is projected to reach $393 billion by 2030, growing twice as fast as the overall apparel market, according to ThredUp’s 2026 Resale Report.
For eBay, Depop is becoming an important growth engine. Iannone said on the earnings call that the platform reached 11 million active buyers over the trailing 12 months in Q3, up from 9 million, and that the cohort of newer customers are buying and selling more than earlier cohorts, while repeat purchases, relisting, and reselling rates all improved year over year.
“This shift is particularly evident in fashion, where eBay continues to see healthy performance in the U.S. and sustained strength in luxury, which is supported by the complementary nature of the Depop brand,” an eBay spokesperson told Fortune.
CFO Peggy M. Alford said eBay is also now directing more marketing resources toward Depop and Iannone said eBay’s carrier rates have lowered Depop’s shipping costs. He said the company is exploring “supply and demand synergies between eBay and Depop” by experimenting with showing Depop listings to people shopping on eBay.
“We are managing eBay and Depop as a portfolio, preserving each brand’s distinct experience and allocating investment toward opportunities that generate the strongest long-term returns for the combined company,” Iannone said.
The strategy seems to be working. The company’s earnings release showed $23.2 billion in gross merchandise volume in Q3, up 15% year over year, or nearly 16% excluding currency swings. Alford said Depop added nearly three percentage points to that growth.