The Resale Market, Including Thrift Stores, Is Growing 24 Times Faster Than Traditional Retail

National Thrift Shop Day, celebrated on August 17, is all about supporting local thrift shops and raising awareness for charitable organizations. Thrift shops aim to help those most vulnerable in communities and give back to the needy. Known by a myriad of other names, thrift shops are also referred to as consignment stores, second-hand stores, resale shops, and hospice shops. Volunteers willing to help out usually work at the shops, often sorting through donated items people drop off. These used pieces are then sold to the public, providing those in need a convenient service at an affordable price!

• 18th Century – Before thrift shopping became common, people usually liked to repurpose their clothes. During the eighteenth century, many new ways of using old items were created.
• 19th Century – By the late nineteenth century, the United States experienced a massive cultural shift. The Industrial Revolution increased the production of clothes and goods, while the pursuit of the American dream led to heightened immigration.
• 1879: The Salvation Army comes to the U.S.
• 1902: Goodwill Industries is founded in Boston.
• 1919: The term “thrift shop” is coined.
• 1920s – Thrift shops reflected the department stores of the time in the 1920s. Initial impressions began to change after thrift shops stopped being known as “junk shops.”
• 1935 – there were nearly 100 Goodwill stores nationwide and they were useful during the hard times the nation faced.
• 1974: Buffalo Exchange opens its first store in Tucson, AZ.
• 1984- NARTS– The Association of Resale Professionals. Founded in 1984. Has noticed an increase in resale shops.
• 1995 – eBay and Craigslist are founded
• 2000 – At a garage sale in 2000, a Fresno, California house painter noticed images of Yosemite National Park on glass plates of old photo negatives. After some negotiation, Rick Norsigian bought the lot for $45. He had a hunch the images were by the iconic nature photographer Ansel Adams, so Norsigian asked some experts. CNN reported that his find may have been worth more than $200 million.
•  2006: Nashville, Tennessee thrift shop find for $ 2.48 turned out to be a copy of the Declaration of Independence. Sold for $477,650
• 2009: thredUP is founded — an online thrift store for women’s and children’s clothing.
• 2011: The RealReal and Poshmark are founded for the resale of luxury goods and as a peer-to-peer social networking resale platform, respectively.
• 2012 – Rapper Macklemore’s 2012 song “Thrift Shop” reached number 1 on the Billboard charts.
• In 2015, Zach Norris paid $5.99 for a watch at Goodwill, Phoenix. The watch was later discovered to be a rare 1959 Jaeger-LeCoultre Deep Sea Alarm. It sold for $35,000
• 2018 -A bargain hunter picked up a $20 blue and white teapot in an online auction.  It turned out to be one of the first pieces of porcelain created in America. It was the work of John Bartlam, a well-known artisan from nearly 250 years ago. Though broken, the teapot sold at a  2018 auction for about $806,000.
• The average consumer spends $52 per month at thrift stores.
• Thrift stores in the U.S. receive about 14.3 million donations each year.
• The resale market, including thrift stores, is growing 24 times faster than traditional retail.
• Approximately 12-15% of clothing sold in the U.S. is from thrift stores.
• Typically, charitable organizations run the stores to raise money according to the organization’s stated charitable purpose. The organization may also use some of the items to help others get back on their feet after a disaster or when times have been difficult.
• A thrift store goes by many different names! This includes charity shops, second-hand stores, resale shops, consignment stores and hospice shops.
• Clothing, furniture and household goods are great finds among the other hidden treasures within the walls of thrift shops across the country.
• To some, shopping at a thrift store isn’t even about the price (that’s just a bonus!), but instead, it’s about the adventure of finding vintage and antique items.
• Redecorate on a budget – Thrifty shoppers know styles come and go. Find the one you’re looking for at the thrift store.
• Dress for less – No matter the occasion, #CelebrateEveryDay with styles galore!
• Enhance your budget – By saving money through thrift shopping, you’ll have more money for more important things.
• Expand your library – Books of all kinds find their way to thrift stores.
• Any article of clothing you buy should be washed before wearing (except anything that requires dry cleaning).
• There are things you shouldn’t buy at a thrift store. Here’s a list of 40 Things You Should Never Buy at a Thrift Store.
• The Great Depression and World War II made thrift shops more viable as a more affordable option to full-priced stores. People warmed up to the idea of thrift shops as a way to find vintage items and niche goods, and ever since, thrift shop has steadily shed its negative image.
• While there’s no “perfect” day to shop in second-hand stores, many regulars swear by shopping early on Monday and Tuesday. Homeowners tend to drop off garage sale leftovers on Sunday nights!
• Thrift comes from the old Norse word “prift” which means “prosperity.”
• Resale shops have grown 7% a year for the past two years, with over 25,000 stores in the US.
• Approximately 16-18% of Americans shop at thrift stores and 12-15% shop at consignment or resale shops annually.
• There are more than 25,000 consignment, resale, and not-for-profit shops operating in the thrift store industry in the U.S., which highlights that many of these stores offer high-quality goods at much lower prices than the MSRP.
• 18-24-year-olds are the most frequent thrift store shoppers, with 40% of them visiting thrift stores in a month.
• The average American throws away 21 pounds of clothing per year.
• The average price for an item in a thrift store is $4.
• The average American buys 70% more clothing today than they did 20 years ago.
• 51% of US consumers expect to buy secondhand over the next five years.
• Baby boomers are responsible for 50% of all money spent at thrift and resale stores.
• Millennials are the biggest demographic group shopping at thrift stores.
• Secondhand or thrift will make up 30% of closets by 2033.

Sources:

National Day Calendar

National Today

Life on Greenwood

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