'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
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Boeing's financial woes continue, while families of crash victims urge U.S. to prosecute the company
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.