'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
'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.
Half of Canadians have negative opinion of latest Liberal budget: poll
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
Teacher shortages see some Ontario high school students awarded perfect grades on midterm exams
Students at a high school in York Region have been awarded perfect marks on their midterm exams in three subjects – not because of their academic performances however, but because they had no teacher.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
An Ontario senior thought he called Geek Squad for help with his printer. Instead, he got scammed out of $25,000
An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.
Her fiance has been in prison for 49 years. She's trying to free him before it’s too late
She was lying in bed on a Thursday morning, thinking about the man she loved, hoping to win his freedom before time ran out.