August encourages frugality, with a focus on second-hand shopping

In these economically challenging times, many Americans are turning to secondhand shops as a way to save money and stretch their budgets. According to a recent Gallup survey, 40% of respondents are purchasing used goods to help with their finances.

One popular source for used furnishings, hardware, lighting, and building components is Habitat for Humanity Re-store. Cash-strapped commuters are also buying used tires as an affordable option, while affluent retirees are reining in their pocketbooks due to economic fears.

The increased demand for used goods has not gone unnoticed by local merchants. Some are implementing promotions to capitalise on the strong consumer interest in secondhand shops. Garage sales, a traditional source for used goods, offer insights into consumer behaviour and preferences towards used items.

charities such as those on Whidbey Island in Washington state are collaborating on promotions to attract consumers. The National Thrift Shop Day, observed in August, is another opportunity for these stores to showcase their offerings and promote the benefits of shopping secondhand.

The Commerce Department's Bureau of Economic Analysis (BEA) recently released Personal Consumption Expenditures by State, 1997-2012 (Prototype Estimates) on Aug. 7. The data covers the period from 1997 to 2012 and provides a snapshot of consumer confidence in the economy. U.S. Secretary of Commerce Penny Pritzker stated that the report offers valuable insights into consumer behaviour and preferences.

Sellers of used goods also point out that refurbished or used products offer significant cost advantages, contribute actively to sustainability by conserving resources, reducing electronic waste, and cutting CO2 emissions. They provide flexibility and scalability without compromising quality, making them economically and ecologically beneficial especially for businesses aiming to meet ESG goals.

The National Association of Resale Professionals, the industry trade group, may offer additional insights or statistics on the growing trend of shopping secondhand. The Gallup site also offers interesting survey data on consumer behaviour towards used goods. For those interested in staying up-to-date on BEA releases, the BEA newsroom can be used to sign up for email releases or locate an analyst to help parse the numbers.