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In 2023, American Gen Z consumers are projected to spend $1,357 each on gifts, travel, and entertainment during the holiday season, a 15% increase compared to baby boomers. A recent study by PwC reveals that over half of Gen Z have made purchases through TikTok Shop, and about 83% have done so via various social media platforms.
ThredUp Inc. (TDUP), an online resale platform, is anticipated to see a revenue growth of 16% this year, a significant rise from 0.6% in 2022. This comes amid 63% of Gen Z expressing intentions to purchase vintage or upcycled products this holiday season.
On the tech front, Alphabet Inc.’s Gemini app has surged to 650 million monthly users, a 200 million increase, contributing to the company’s first-ever quarter of $100 billion in sales. Google’s smart home devices are integrating advanced AI technologies, indicating robust growth potential in the tech sector.
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