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Inflation brings more interest to secondhand shopping

secondhand shopping
Posted at 12:29 PM, Aug 17, 2022
and last updated 2022-08-17 15:21:00-04

Consignment stores across the country are seeing an increased interest in secondhand shopping amid inflation.

In Tallahassee, Florida, Consignments by Jane and J. Lynn’s Boutique reports receiving an increase in calls from interested consigners. In Buffalo, New York, Goodwill representatives report inflation is bringing in more customers. They estimate families can save 50-60% on clothing.

In Nashville, Tennessee, at Wallpaper and Home Consignments, not only have sales increased but consigning furniture has become a side hustle for some. Customer Chase Michael is flipping furniture his friends no longer wanted to supplement his income.

Secondhand shopping is a booming industry. In the 2022 resale report by online consignment giant ThredUp and analytics firm Global Data, it found North America is leading the global secondhand market. It’s estimated to more than double by 2026, reaching $82 billion annually.

That projected growth is eight times faster than the overall apparel market. The fastest growth is predicted to happen this year.

Profits for customers selling items at consignment stores and websites vary widely, between 5% of the item’s selling price all the way to 80%.

To find the best deals when shopping thrift or consignment, The Association of Resale Professionals recommends checking items for wear and tear. Also, look at brand names for the idea of an item’s value and compare the item’s price to what it would cost if you bought it new.