Home Career Goodwill is helping to bring frugality into the mainstream with an online...

Goodwill is helping to bring frugality into the mainstream with an online store

43
0

Whether consumers are looking to save money or looking for buried treasure, resale is booming.

During the covid pandemicthrift stores like eBay, RealReal and ThredUp have thrived online.

So-called repeat commerce grew nearly 15% in 2021 — twice as fast as the broader retail market and the fastest growth rate in the industry’s history, according to OfferUp Report 2022. It is projected to grow another 80% to $289 billion over the next five years.

More from Personal Finance:
Credit card balances jump 15%
60% of Americans live paycheck to paycheck
These steps can help you deal with stressful credit card debt

“We lost a lot,” said Matthew Kenes, CEO of GoodwillFinds.com, Goodwill’s recently launched online marketplace.

“Goodwill is the ‘OG’ of thrift,” he said. “It’s such an obvious possibility.”

While Goodwill is known for used clothing and household items, more shoppers are flocking to the site for one-of-a-kind finds, including artwork, designer handbags, jewelry and vintage sneakers, Kenes said — just like what is happening in the industry as a whole.

Shoppers are looking for bargains and elusive luxury items

Tete De Femme Stylisee by Picasso

Source: GoodwillFinds.com

Most resale consumers are price driven. According to the report, thrift store shoppers save an average of nearly $150 a month, or $1,760 a year, by buying used items. CouponFollow.

However, saving money isn’t the only motivator, CouponFollow found. Buyers are increasingly turning to resale as a means of securing hard-to-find luxuries.

In fact, sometimes buy used the only way to get limited edition Air Jordans or other highly desirable and exclusive items – not to mention tickets to Taylor Swift’s upcoming tour.

Recently, an unauthenticated Picasso print titled “Tete De Femme Stylisee” sold on the site for $2,500.

This is such an obvious possibility.

Matthew Kanes

CEO of GoodwillFinds.com

Part of the resale impulse is the desire to get access to that unique item, said Wells Fargo managing director Adam Davis, who works with retailers to resell businesses, whether it’s a “Chanel bag or a Nike sneaker” — even if you pay more than the original retail price. .

Because re-commerce is also considered environmentally friendly, it has become more socially acceptable, said Brett Heffes, the company’s CEO. Winmarkfranchisor of stores such as Plato’s Closet, Once Upon a Child and Play It Again Sports.

“When I started in this business, there was a stigma around buying pre-owned stuff, and that stigma is gone.”

A surge in thrift and second-hand shopping

“Affluent consumers are leading the re-commerce revolution,” said Chris Richter, CEO of re-commerce site FloorFound.

Largely driven by price and a desire to shop in more sustainable ways, “shoppers tend to buy resale instead of new,” he said.

According to a survey of more than 1,000 adults conducted by Floor found: Nearly 9 in 10 shoppers who make more than $175,000 a year have bought a resale item before — 14 percentage points higher than the survey average.

Subscribe to CNBC on YouTube.

Source link

Previous articleThe number of applicants submitting scores for admission has not recovered, the report said
Next articleWhat we know about the suspect in the gay club mass shooting