Money / Financial Planning
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Thrift stores, also known as second-hand shopping, have always been a popular way to find quality items at discounted prices. However, in recent years, thrift stores are now booming thanks to Gen Z looking for durable yet stylish clothing options. But as the younger generations bring big business to savings businesses, it hasn’t been so good for low-income buyers.
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Finding: What valuables should I look for in thrift stores?
Business Insider noted an April Vox report that found wealthier young adults and teens – who save for looks rather than affordability – pay more for thrifty items, drive up prices, and limit quantity. of stock available.
Adele Meyer, executive director of the National Association of Resale and Thrift Shops, told Axios that big thrift chains like Goodwill and Crossroads are seeing an increase in traffic, as well as smaller independent stores. Insider also noted that social shopping apps like Poshmark, Depop, and ThredUp are changing the thrifty business model by allowing users to buy lightly used items and return them for a profit.
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Depop salespeople were able to make up to $ 300,000 a year, Insider reported, and were even able to buy cars and homes before they reached adulthood.
According to Axios, the second-hand market is expected to reach $ 77 billion by 2025, up from $ 36 billion in 2021. Axios added that it is growing at a rate 11 times that of the clothing sector in Canada. detail.
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A recent retail analytics report also showed that about a quarter of the second-hand market is resale clothing, Insider reported. It is estimated that it will increase by 39% per year between 2021 and 2025 and will ultimately represent more than half of the market, driven mainly by Generation Z.
Last updated: October 5, 2021