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Inflation got you down? Try a thrift store!

Goodwill said four out of five people shared they prefer secondhand when money gets tight.

PHOENIX — The nation’s secondhand market is expected to more than double in the next four years. In Arizona, consign and thrift stores are reporting increases in sales, even as inflation soars.

Thrifting has become more popular in recent years and with rising costs at stores, Valley secondhand stores like Goodwill said it's a great way for people to save where they can. 

Goodwill said their inventory levels remained stable during the pandemic and that's still the case. Having stocked shelves boosts thrift store appeal as retail stores still struggle to fill theirs.

80% of shoppers report shopping thrift, Goodwill said, and the back-to-school season was a big hit. Many parents were able to find deals on clothes at thrift shops that weren't available at other locations. 

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And it's not just parents. Valley grandparents shopping for their grandkids noticed the deals too. 

"Yes, I save money because the stuff is better and it's nice prices," one Goodwill customer said. "I recommend it."

Goodwill added that four out of five people preferred secondhand when money was tight. Leah Graham, Goodwill Marketing Director, said there are additional ways to save in-store with online coupons, and colored price tags that showed off extra deals. 

“With inflation and other prices being so high everywhere else, 58% of consumers say that secondhand is a great shopping alternative to finding that you can save money," Graham said. 

According to thredUP's 2022 resale report, 244 million consumers said they have or were open to shopping secondhand. More than half of consumers also bought secondhand apparel in the last year, up from 2020. And secondhand is holding onto more shoppers than any other category with more than 80% of first-time thrifters planning to spend the same amount or more in the next five years. 

My Sister's Closet is a local consignment and resale store for fashion goods, and they say the business is successful regardless of what the economy is doing. 

Ann Siner, Founder and CEO, has been in business for more than 30 years in the Valley. She said her sales are up 5-10% percent across the board in her 11 stores in the last 12 months. That's even with closing one of her Southern California locations. 

Some individual stores even saw a 30% increase in the last year. Siner's stores sell many of the top luxury brands from Chanel to Louis Vuitton and Tiffany. Her products must retail for at least $75 and shoppers can get deep discounts, even while brand-new product pricing soars.

“Rising inflation has changed our business because more people are willing to walk in the door and say, let me just see what consignment and resale is all about," Siner said. 

"Especially My Sister’s Closet where we have great brand name recognition. They come in and see what they can get for up to 90 percent of retail. How can you resist?”

With inflation at a near four-decade high, overall spending has slowed in some sectors. September retail sales data showed that consumer spending was flat as prices spiked again and the Federal Reserve increased interest rates.

In this latest report, shopper sales increased for clothing, groceries, and personal care items.

2022 thrift shopping research from thredUP showed that 21% of Gen Z would pay more for clothing they know they can resell.

   

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