'People want to save money': Popularity of consignment and thrift stores growing as cost of living climbs
If you find your dollar isn't going as far as it once did, you are not alone. That means more people are turning to consignment and thrift stores to save a buck.
At A to Z Kids, a consignment store in Langford, business is booming. Raising kids is not cheap, especially when you are trying to outfit your life to care for a newborn.
“People want to save money for sure with increased costs of living, rent and groceries,” said Heidi Pitts, the store’s owner.
As a general rule, Pitts prices her items for about half of what the product would cost new. She says traffic in her store has increased this year by roughly 20 per cent. It’s not just people needing to save money, she has also seen an increase in people that are feeling looking to make some extra income.
“This is a way for them to be able to sell their items and get money back for their kids, to buy other things,” said Pitts.
“Prices are on the march, no doubt about it,” said Dr. Mark Colgate, professor of business with the University of Victoria.
Colgate says B.C.’s inflation rate is sitting at around four percent. That’s higher than we’ve seen in the last 20 to 30 years.
He says there is a number of factors contributing to that high inflation rate.
Grocery costs have increased. Housing prices have skyrocketed and energy costs have risen.
“When basic items cost more, like food, gas and shelter, then you’re going to have to cut money on other things,” said Colgate.
Kate Charlebois is the marketing design and partnership co-ordinator at Victoria Women in Need Community Co-operative (WIN).
“Our gift certificate program in particular has seen a 40 per cent increase in the number of program participants,” said Charlebois.
That program allows women and trans, non-binary and two spirit people in need to shop freely in the store. Shoppers use gift certificates provided by WIN, with money raised through the store’s retail sales and donors.
“We’re seeing an increase need in people being able to access goods, such as warm clothing for wintertime, as well as housewares to furnish their homes,” said Charlebois.
Charlbois says in 2021, WIN helped 2,002 program participants in their journey to wellness and self-sufficiency.
Colgate expects prices to continue to rise over the next couple of years, but does expect the inflation rate to come back down to a more familiar 2 per cent by 2024.
CTVNews.ca Top Stories
BREAKING Trudeau promises $1B in loans for child-care providers to expand care centres
The federal government is launching a new loan program to help child-care providers in Canada expand their spaces, and will be extending further student loan forgiveness and training options for early childhood educators, Prime Minister Justin Trudeau announced Thursday.
Spring allergy season has begun. Where is it worse in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.
N.B. man wins $64 million from Lotto 6/49
A New Brunswicker will go to bed Thursday night much richer than he was Wednesday after collecting on a winning lottery ticket he let sit on his bedroom dresser for nearly a year.
'Nonsense:' Doug Ford slams lawsuits filed by Ontario school boards against social media platforms
Premier Doug Ford says that lawsuits launched by four Ontario school boards against a trio of social media platforms are “nonsense” and risk becoming a distraction to the work that really matters.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
King Charles calls for acts of friendship in first public remarks since Kate's cancer diagnosis
King Charles III gave public remarks for Maundy Thursday, addressing the importance of acts of friendship, following his and Catherine, Princess of Wales’ cancer diagnoses.