Thrift, Resale Stores Report 35 Percent Rise In September, October Sales

December 9, 2008 9:41 a.m. EST

New York, NY (AHN) - While the U.S. retail industry is suffering its worst sales slump in 35 years, two subsectors are benefiting from the economic downturn. These are the discount shops like Wal-Mart and resale and thrift stores.

According to Adele Meyer, executive director of the National Association of Resale & Thrift Shops, 75 percent of their members reported increasing sales in September and October, with an average sales hike of 35 percent.

Among the shoppers in such stores are former well-off families who lost their jobs. Pam Shecter of State Island, one of the buyers in a pre-owned shop, admitted it was difficult to adjust to their new lifestyle, but she had to be resourceful and creative for her family to survive the financial crisis.

Trend researcher Irma Zandl said whenever the country is going through a difficult time, shopping in thrift stores goes beyond looking for cheap buys, which in itself has become a status symbol. Other shoppers feel they are being socially responsible by purchasing recycled items, Zandl explained.

A survey by Harris Interactive and eBay confirmed Zandl's theory. A summer poll by the two groups said 70 percent of respondents said buying second hand has become a more socially acceptable practice compared to 5 or 10 years back.

So while department stores and shopping malls are bracing for the worst yearend holiday sales, it is the other way around for thrift and resale stores, which expect not only to survive but even thrive in the current financial crisis.