Dealing with the rising cost of living?
Life is getting expensive for everyone right now, for everyone living in Florida.
The reported rate of inflation across the U.S. is now at 7.9% and shows no signs of slowing. At the same time, the war in Ukraine and resulting sanctions against Russian oil have helped to push the price of oil and gasoline to record highs. At the same time, demand for homes as more and more people move to Florida is pushing up rents and property prices, beyond the reach of average Floridians.
In the face of such challenges, some businesses are emerging as winners from the situation, notably thrift shops and stores that buy and sell used clothing.
Raising money or shopping on the cheap
Labelswap offer a variety of options for customers, who want to buy clothes for lower prices than are offered in malls and city centers. They also buy clothes from customers who are looking to raise cash. According to owner and operator of Labelswap - Chris Pearson:
"We purchase all the clothing direct from consumer. You can bring it to us, and we'll enter it into our proprietary system, we'll assign it a retail price. And then from there, we'll pay 50% in-store credit or 30% in cash on the spot, consignment you typically have to wait until it sells to get paid."
For a shopper in need of some new clothes, or wanting to raise some quick cash to cover other costs, thrift stores like Labelswap may be of help.
Used clothes, used cars
The demand for high quality used clothes is simply an extension of the same idea as consumers buying used cars instead of brand new. People want the equivalent products (or nearly as good) without having to pay top-dollar prices. There's also an issue of affordability too.
This helps to explain why the demand for used cars over new cars has increased year-on-year in recent times. Statista reported that in 2020, while around 14 million new cars and light trucks were sold in the U.S., there were 39.3 million used vehicles sold in the same period.
And again, as demand goes up, so too does the price. Even in late 2021, used-cars were one category of goods that had seen astronomic price increases in the United States.
In times when the cost of living is increasing and incomes remain stagnant, shopping secondhand may be the way to go!
Would you shop for secondhand clothes in a thrift shop? Have you sold unwanted clothes to raise money? Let me know in the comments section below.