Here’s how much you can save
Largely by necessity, consumers are getting creative in stretching their dollars.
After inflation hit budget back to school difficult and as families are feeling the weight of holiday seasonMany people are seeing thrift shopping as a way to save.
Bargain hunting is certainly not new. But with Covid pandemic spike in “thrift” and second-hand shopping. Now, the resale market is growing faster than traditional retail.
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Brett Heffes, CEO of Winmarkfranchisee of stores such as Plato’s Closet, Once Upon a Child and Play It Again Sports.
According to a report by a OfferUp’s 2022 re-commercial report.
Although dominated by clothing resale, 82 percent of Americans, or 272 million people, buy or sell pre-owned products, OfferUp found, including electronics, furniture, and gadgets. household and sports equipment, as well as clothing.
Heffes said much of the growth was driven by younger shoppers, especially teenagers. “We sell a lot of sneakers.”
The average thrift store shopper saves nearly $150 a month, or $1,760 a year, by buying second-hand, according to another report from CouponFollow.
However, saving money isn’t the only motivator, CouponFollow found. Shoppers said they were also driven by other factors, such as sustainability and the thrill of the hunt.
Because it is considered environmentally friendly, it has also become more socially acceptable, says Heffes. “When I started this business, there was a stigma around buying previously owned items, and that stigma is gone.”
In fact, sometimes buying secondhand is the only way to score a pair of limited edition Air Jordans or other coveted and exclusive pieces.
Wells Fargo CEO Adam Davis, who works with resale retail businesses, adds that now part of the driving force behind the resale is the desire to gain access to a one-of-a-kind item. pay more than the original retail price.