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Buying Used in a New Economy

Thrift stores see increased sales in slow economy

Certain costs and spending cannot be avoided. Your home needs heat, your family needs food, and your car needs gas. However, more and more people are discovering a new way to save money on items like clothing and home goods. The answer is thrift store shopping. Nearly two-thirds of resale and thrift shops like the Salvation Army, Goodwill, and consignment stores have seen increased sales over the past year. The average thrift and resale store has increased sales by 35%.

Consumer attitude and perception are changing. In this economy, many people can’t afford to turn up their noses at used and discounted products. Even those who can afford to aren’t indulging in luxuries as often as they once did. Consumers in general are more receptive to the idea of buying used or discounted products to save money. They’re out seeking deals and more hesitant to spend frivolously. Luckily, the current economy and this new perception encourage and reinforce a more frugal lifestyle. It’s becoming quite typical.

Of consumers with household incomes of $100,000 or more, nearly three-quarters report that they were cutting back their spending as of July 2008. 81% of households in the $50,000 - $99,999 income bracket say the same. Just three months earlier, these opinions were down by 4% - 9%. In the midst of the national financial crisis, few are too proud to buy used merchandise.

Search for thrift and consignment stores in your area and change your perception. You might be surprised at the money you’ll save and the quality you can find.

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