Is Thrifting Still Thrifty?
By: Faustina Canika Zhu
Edited by: Ananya Sachidanandan
The act of thrifting, which is defined as the purchasing of second hand goods such as clothes, books, or furniture from thrift stores, became popular in the late 19th and early 20th centuries. The reason behind the rise in thrifting is the low prices of goods, commonly attributed to secondhand products, which has made it affordable for the public, along with promoting recycling unused products of good quality. Gen Z, which consists of people ages 12 - 27, contribute the most to the growth of the thrifting industry.
However, in recent years, with the increase in demand for the goods found in thrift stores such as Savers and Goodwill, prices have climbed making it no longer economical for the initial demographic of those doing it tough, thereby defeating its original purpose of being affordable. The increase in demand is not just due to the lessening of stigma surrounding thrift stores and greater accessibility. The increase in demand can be directly linked to resellers
So, how exactly do resellers drive up the thrift store prices? The answer is markups. In recent years, those utilising thrift facilities are mostly resellers, consumers who buy goods and then resell on other forums for a profit. Thrift stores usually sell goods that are donated to them, meaning there is zero cost for the store, allowing them to sell at affordable prices. On the other hand, resellers buy the goods from thrift stores and aim to earn a profit, which drives up prices. Resellers often buy huge amounts as well, contributing to higher demand.
Although resellers have played a part in the rise of thrift store prices, they are not the only one to blame, as this would not have happened if the thrift store prices itself had not risen. Additionally, reselling would also not work out if there was no demand, proving that the purchasing power of consumers have actually increased.
In conclusion, although some people may find the rise in thrift store prices defeat their original purpose, there are still benefits present in the act of thrifting. Second-hand products that are still of good quality can be recycled instead of being disposed of, which can highly benefit the environment. Despite the change in the thrifting environment, the relatively low costs, and environmental benefits make them a highly favourable means of consumption especially by the youth of today.