eBay is looking to shake up the holidays as shoppers get ready to make their Christmas purchases. The company says that this Black Friday, it will promote only second-hand or refurbished deals.
The approach is a return to the company's roots, and Ebay's UK CEO, Murray Lambell, shared with the BBC that they want to move away from a "buying for buying's sake mentality."
The move to prompt only second-hand and refurbished products comes as costs continue to rise to four-decade highs in the US.
"As consumers in our major markets face persistent inflation, higher interest rates and rising home energy costs, they are increasingly turning to eBay for better value," eBay Chief Executive Jamie Iannone shared with analysts, Reuters reported.
eBay has made efforts to expand its platform, now offering pre-owned sneakers and jewelry, as it looks to tap into the market of diehard collectors of high-value items. Other categories also include electronics, trading cards, and watches.
This year's effort from eBay to push the old instead of the new is being called "thoughtful consumption." The strategy brings the company back to its inception when the majority of items sold on the platform were used instead of new, like most are today.
With uncertainty remaining about how Americans will spend their money this holiday shopping season, executives remain wary.
Others in the retail industry, like online giant Amazon.com, have also signaled that it expects a dour holiday season with inflation raising the price for necessities like food and gas, Reuters reported. This has left many holding onto their dollars instead of spending them.
According to the BBC, consultancy group Retail Economics has predicted spending to be down 15% on Black Friday this year compared to previous years.
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