Latest news with #2024RecommerceReport
Axios
14-05-2025
- Business
- Axios
Thrift stores boom as Twin Cities shoppers seek savings
Twin Cities shoppers looking for savings and sustainability have lots of options thanks to the metro's thriving thrift store scene. Why it matters: Buying second hand is an easy way to reduce shopping sticker shock without sacrificing quality or style. State of the racks: Cost concerns related to inflation, President Trump's shifting tariff targets, supply chain issues and broader economic uncertainty are driving an uptick in business at thrift and consignment stores across the country. What they're saying: While resale does well all the time, "it does even better during an economic turn down," Adele Meyer, executive director of the National Association of Resale Professionals, told Axios. Case in point: Tom Canfield, who oversees local Salvation Army thrift stores, told WCCO last month that the retailer has seen an increase in foot traffic this year. "Shoppers are more savvy, and that's one of the reasons why we do so well," said Canfield, who plans to open five more stores in the metro in the next five years. Reality check: The popularity of secondhand shopping was on the rise before the onset of trade wars sent shockwaves through the economy. Zoom in: A 2024 Recommerce Report from Offerup found that 35% of shoppers embarked on their first resale journey in the past year — an 8% year-over-year increase. A majority of shoppers said they turned to resale due to increased cost of living (58%) or cost savings compared to buying new (53%). What we're watching: Monday's announcement that the U.S. and China will slash tariff rates for 90 days could trigger a surge in ordering activity by U.S. businesses, as companies that held off due to the high tariffs rush to restock inventory. But disruptions in global shipping could still impact retail supply — and prices — in the weeks ahead. 🛍️ Bonus: Three thrift stores to check out Here are three of our favorite under-the-radar independent spots to thrift in the Twin Cities: 🐈 Nine Lives Thrift (1165 7th St W, St. Paul): Though it's only been open for less than a year, this bright, cheery and cat-themed West Seventh shop quickly became a top pick for unique modern and vintage clothing for all. Open Wednesday-Sunday, hours vary. Bonus: You may get to see shop dog Reba! 🏫 Old School (1901 Nicollet Ave, Minneapolis): The long-running nonprofit near downtown Minneapolis is an ideal stop for wacky items, home goods, books and clothing — and with most items under $10, it's one of the cheapest spots in the Cities. Open Wednesday-Sunday 11am-5pm. Our tip: Don't sleep on the jewelry section, it's the best in town. 🫶 Shop for Change (inside PRISM at 1220 Zane Ave N, Golden Valley): With sales benefiting Golden Valley housing + food nonprofit PRISM, this store is known for its high-quality clothing, accessories, art and housewares for reasonable prices.
Axios
09-04-2025
- Business
- Axios
Tariffs could lead to thrift store boom as other retailers falter
President Trump's global tariffs mean clothes at U.S. retailers stand to get a lot more expensive. The big picture: With the U.S. importing nearly all of its clothing and shoes — more than half from China, Vietnam and Bangladesh alone — soaring apparel prices could send shoppers thrifting. While resale does well all the time, "it does even better during an economic turn down," said Adele Meyer, executive director of the National Association of Resale Professionals. By the numbers: The popularity of secondhand shopping was already on the rise before the tariffs. A 2024 Recommerce Report from Offerup found that 35% of shoppers embarked on their first resale journey in the past year; an 8% year-over-year increase. A majority of shoppers said they turned to resale due to increased cost of living (58%) or cost savings compared to buying new (53%). 55% growth is projected for the re-commerce market by 2029, reaching $291.6 billion, with resale expected to account for 8% of total retail, even without the tariff impact. Zoom in: "During any past recessions, this industry has absolutely flourished," Meyer told Axios, adding that when people look to save money it can attract those who have never shopped resale before. During the Great Depression, which also saw an increase in tariffs, consumers turned to thrift stores but there weren't enough goods until the 1970s when the stores saw significant growth, Jennifer Le Zotte, a professor at the University of North Carolina Wilmington, said. During the Great Recession, a 2009 National Association of Resale & Thrift Shops survey found that nearly two-thirds of U.S. resale store respondents reported a 31% average increase in sales. That increase was likely also driven by the upswell in online marketplaces for secondhand goods, like eBay, Le Zotte said. Zoom out: OfferUp, a peer-to-peer marketplace mostly for local goods, expects to see an uptick in secondhand buying in categories where tariffs may significantly impact retail supply, Ken Murphy, the company's chief innovation officer, told Axios. "We've seen that when supply chain disruptions occur and popular items become more scarce, people often turn toward secondhand options to get what they need at prices they can afford," Murphy said.
