While Facebook is losing ground with younger users, its resale platform is a different story.
Just 32% of American teeangers use Facebook today — down from 71% a decade ago — CNBC reported Sunday (March 9), citing Pew Research data. Still, Facebook Marketplace remains a draw for younger consumers.
“I only use Facebook for Marketplace,” Mirka Arevalo, a student at Buffalo University, told CNBC. “I go in knowing what I want, not just casually browsing.”
That report calls Marketplace one of Meta’s biggest success stories: it has 1.1 billion users in 70 countries, competing with the likes of Craigslist and eBay.
“Marketplace is the flea market of the internet,” said Charles Lindsay, an associate professor of marketing at the University of Buffalo. “There’s a massive amount of consumer-to-consumer business.”
Earlier this year, Facebook Marketplace launched a collaboration with eBay, letting select eBay listings appear on Marketplace in the U.S., Germany, and France. According to CNBC, analysts project this will fuel an additional $1.6 billion in sales for eBay by the end of the year.
“This partnership boosts the number of buyers and sellers,” said Jasmine Enberg, VP and principal analyst at eMarketer. “It could also solve some of Marketplace’s trust issues.”
The report noted that while Marketplace isn’t a major direct revenue source, it keeps Facebook users engaged.
“It’s one of the least monetized parts of Facebook,” Enberg said. “But it brings in engagement, which advertisers value.”
In other news from the world of younger consumers, PYMNTS wrote last week about the way Generation Z is changing the way people engage with health and beauty shopping.
Research from the PYMNTS Intelligence “How People Pay” report “Health and Beauty Products Draw Retail Shoppers Into Brick-and-Mortar Stores” shows 46% of online shoppers from this generation made a health and beauty purchase in the previous 30 days.
This figure is noteworthy compared to the 30% of online shoppers across all age groups making similar purchases. Gen Z shoppers prefer online shopping because of their comfort with digital technology, which allows them to seamlessly purchase through eCommerce platforms, social media and online retail channels.
“The convenience of browsing products, reading reviews and shopping from home aligns with their tech-savvy lifestyle,” PYMNTS wrote. “Social media significantly shapes Gen Z’s shopping habits, with platforms like Instagram, TikTok and YouTube influencing product trends through beauty influencers and content creators.”
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