Home CNBC.com Secondhand Shopping Is Booming: Here’s How Much You Can Save (Video)

Secondhand Shopping Is Booming: Here’s How Much You Can Save (Video)

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By Jessica Dickler

Largely out of necessity, consumers are getting creative about stretching their dollars.

After inflation hit back-to-school budgets hard and as families are feeling the weight of holiday expectations, more are considering thrift shopping as a way to save.

Bargain hunting is certainly not new. But with the Covid pandemic came a surge in “thrifting” and secondhand shopping. Now the resale market is growing even faster than traditional retail.

“Resale continues to provide value in these uncertain times,” said Brett Heffes, CEO of Winmark, the franchisor of stores like Plato’s Closet, Once Upon a Child and Play It Again Sports.

So called recommerce grew nearly 15% in 2021 — twice as fast as the broader retail market and notching the highest rate of growth in history for the industry, according to a 2022 recommerce report by OfferUp.

While dominated by clothing resale, 82% of Americans, or 272 million people, buy or sell pre-owned products, OfferUp found, including electronics, furniture, home goods and sporting equipment, as well as apparel.

This article originally appeared here and was republished with permission.

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