Inflation, layoffs driving record number of consumers to the resale market
NEW YORK -- As more and more of us are shying away from expensive, full-priced goods, inflation and layoffs are driving record numbers of consumers to thrift stores, yard sales and online sites for deep discounts.
Consumer finance expert Kristin Myers estimates she saves thousands of dollars a year because she knows where to root out discounts.
Inside one Park Slope thrift store, she found low prices for shirts and dresses.
"You see price tags of $10, $14 instead of spending $50 over at a different retail store," she said.
Myers says the biggest winners in retail are stores and online sites selling deeply discounted or secondhand goods.
"It's called re-commerce, and it's actually ... growing twice as fast as regular retail," she said. "They're actually seeing a sales boom right now because a lot of consumers are trying to save as much money as possible."
This upward trend is evident at Rob's Yard Sale in Willowbrook, Staten Island, according to owner Rob Renaud.
"Absolutely people are coming and looking for a deal," he said.
Myers recommends hopping online for deals on high-end apparel at Gilt, the Real Real and Rent the Runway, or if you want to head out to a brick-and-mortar shop, try local thrift stores. For things like furniture, she suggests Wayfair and Overstock.
"When it comes to groceries ... Dollar General is great. Dollar Tree is great. They're actually expanding their grocery offerings," Myers said.
"It's just better to save money," one Dollar Store customer said.
Myers also recommends Aldi, Trader Joe's and Costco's Kirkland label.
She says consumers shouldn't pay full price, and to put money back in your pocket, consider selling some stuff.
"Over 80 percent of American consumers right now are either buying or selling secondhand through e-commerce sites like Poshmark," she said. "Right now shoppers are deciding to shop smarter."
You can make it fun, she says, adding that most everyone loves a treasure hunt.
