The 'stigma is gone' — secondhand shopping is booming (and not just because of the savings)

2 years ago 130

Largely retired of necessity, consumers are getting originative astir stretching their dollars.

After inflation hit back-to-school budgets hard and arsenic families are feeling the value of holiday expectations, much are considering thrift buying arsenic a mode to save.

Bargain hunting is surely not new. But with the Covid pandemic came a surge successful "thrifting" and secondhand shopping. Now the resale marketplace is increasing adjacent faster than accepted retail.

"Resale continues to supply worth successful these uncertain times," said Brett Heffes, CEO of Winmark, the franchisor of stores similar Plato's Closet, Once Upon a Child and Play It Again Sports.

So called recommerce grew astir 15% successful 2021 — doubly arsenic accelerated arsenic the broader retail marketplace and notching the highest complaint of maturation successful past for the industry, according to a 2022 recommerce study by OfferUp.

While dominated by covering resale, 82% of Americans, oregon 272 cardinal people, bargain oregon merchantability pre-owned products, OfferUp found, including electronics, furniture, location goods and sporting equipment, arsenic good arsenic apparel.

Much of the maturation has been driven by younger shoppers, peculiarly teenagers, Heffes said. "We merchantability a batch of sneakers."

Thrift store shoppers prevention astir $150 a month, oregon $1,760 a year, connected average, by buying secondhand items, according to different study by CouponFollow.

Saving money, however, is not the lone driver, CouponFollow found. Shoppers said they were motivated by different factors, arsenic well, specified arsenic sustainability and the thrill of the hunt.

Because it is considered eco-friendly, it's besides go much socially acceptable, Heffes said. "When I started successful this business, determination was a stigma astir purchasing antecedently owned items, and that stigma is gone."

In fact, sometimes buying secondhand is the lone mode to people a limited-edition brace of Air Jordans oregon different highly coveted and exclusive items.

Now, portion of the momentum fueling resale is the tendency to summation entree to a unsocial item, added Wells Fargo managing manager Adam Davis, who works with recommerce retail businesses, whether that's "a Chanel handbag oregon Nike sneakers" — adjacent if you extremity up paying much than the archetypal retail price.

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