Written by Kathryn Andes
During a recession, one industry that always seems to thrive is consignment. Although shoppers tend to cut back spending on all non-essential purchases, sales for businesses such as outlet stores, pre-owned clothing stores, thrift shops, and discount stores always boom. During a time where saving and financial security is on everyone’s mind, consignment and second hand shopping excels. It’s always important to cut back on costs in areas of your life that are non-essential. Recreational shopping is a fun way to spend disposable income however, the costs of goods have astronomically increased from 2020-2022. In a time with a 9% inflation rate, fast fashion retailers as well as luxury brands have increased their prices.
According to CNBC in 2022, “Apparel prices rose 5.2% in June on a year-over-year basis, according to a closely watched inflation report.”
While fashion brands have driven their prices up, here at DoubleTake we typically price our luxury merchandise below the original retail prices. If you’re looking to cut costs on expenses during a recession, we can help. We offer designer handbags, shoes, jewelry, and accessories usually at a fraction of the original retail price. There are many benefits of shopping consignment over retail, not only during a recession, but at any time, especially if you’re trying to stretch your dollar.
According to quartz.com, a survey conducted by the marketing firm NCSolutions in June found that 45% of Americans feel like they can’t afford their previous lifestyle and 66% are more mindful of how they are spending their money.
If you’re looking to update your wardrobe on a budget, without sacrificing high quality brands, then shopping second hand is the best way to maintain your lifestyle while staying frugal. At DoubleTake our items are competitively priced according to market value and sometimes reaching up to 80% off retail. You can find luxury designer brands such as Gucci, Dolce Gabbana, Chanel, Christian Louboutin, Louis Vuitton, Fendi, Versace, Dior, and many more for a fraction of the original retail price.
According to ABC News, the Executive Director of the National Association of Resale and Thrift Shops, Adele Myer said,”We're sorry about the economic situation, … but it is a good time for our industry.” With a new outlook on finances on consumer’s minds, there is no better time to start shopping at consignment stores. With a push from consumers towards thrifting unique pieces and prioritizing sustainable fashion, shopping at DoubleTake is like hunting for buried treasure, while saving the environment and your money.
DoubleTake is proud to be a leader in sustainable fashion, expanding the fashion life cycle by offering pre-loved designer items. Not only do we hold environmentalism at the forefront of our business, we also typically price our luxury items well under retail value. Which is ideal for our customer’s budgets during an economic recession. Although the economy is steep right now, the good news is, as a consumer, you don’t have to sacrifice good quality clothing, shoes, and accessories due to reduced spending budgets, you can still get the same amazing designer quality and luxury, at a fraction of the price at DoubleTake.
Sources:
https://www.shopify.com/retail/retailing-in-a-recession
https://hbr.org/2009/04/five-rules-for-retailing-in-a-recession
https://abcnews.go.com/Business/story?id=6422270&page=1
https://www.forbes.com/advisor/investing/is-a-recession-coming/
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