'I can save up money': Second-hand demand on the rise
'I can save up money': Second-hand demand on the rise
Thrift stores in Waterloo region are seeing business boom as shoppers look to save money amid rising costs on everyday goods.
For Ilham Alahmad, thrift shopping goes beyond just a trendy way to dress.
“Honestly, it’s just better for the environment, and I can save up money for college or university,” said Alahmad.
She’s been buying second-hand since she emigrated from Syria to Kitchener with her family six years ago, saying she “came with nothing to Canada.”
With soaring inflation, the manager of Kitchener’s Goodwill says more people are thrifting.
“Summertime we’re pretty busy. We see about 300 customers a day, at least,” said Jim Howe, manager of the Kitchener Goodwill Community Store. “I think economy, COVID, all that had a little bit to do with it.”
The store is expanding in Waterloo to keep up with demand. A community store and a donation centre are set to open early next year at the former Chapters location on King Street North. This will give Goodwill over 25,000 sq. ft of space.
“It’s affordable, and it just makes sense,” said Jordan Wettlaufer, a local thrifter.
Michelle Quintyn, Goodwill’s CEO for the Great Lakes region, says the expansion is part of their strategic plan to match demand.
“The thrift economy itself about three years ago, it was predicted to quadruple in five years,” said Quintyn. “We’re seeing faster growths than even that.”
The second-hand demand isn’t expected to slow down, as far as thrift store owners see it.
“We’re kinda in a world where we want to reuse, reduce and recycle, so it’s very sustainable, so I think that’s become very popular,” said Bobbie Kennedy, owner of The Clothing Exchange.
Kennedy says her business is growing so much she’s looking to open another store.
“I can get stuff that I would normally buy at an Aritzia or something,” said Alycia McQueen, a thrift shopper. “I can get it for like 60 to 80 per cent off.”
Canada's year-over-year inflation rate slowed to 7.6 per cent in July, with the deceleration largely driven by a decline in gas prices. The inflation rate hit a nearly 40-year-high of 8.1 per cent in June, but economists were widely expecting inflation to have since slowed.
The next time the Bank of Canada raises interest rates on the scheduled date of September 7, 2022, it could potentially trigger a recession. Although there may be a chance that we don’t enter into a recession and the BoC is still hoping for a soft landing, it’s best to be prepared. Contributor Christopher Liew explains how.
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