March 30, 2020
Thrifting: How To Make Money Thrifting

Thrifting: How To Make Money Thrifting

Thrifting, a 24-billion-dollar industry that’s
projected to more than double by 2023. So, how are thrifting businesses making all
that money? It all began with the most recognized names
in thrift – The Salvation Army, and Goodwill. By the mid-60s, vintage clothing became popularized
as an ongoing fashion trend, which paved the way for other large resale companies to enter
the arena. Who would have thought that selling people’s old clothing could be a business
opportunity? So, how can the average person cash in on
thrifting?  Today, thrifting is booming, making its way
into the mainstream with a high demand for vintage clothing. You know, I’ve been in this industry for
20 years and when I first started, there were some people where the idea of wearing anything
pre-owned or secondhand was frowned upon. It was like eww. You know, it was not widely
accepted and nowadays celebrities wear it, everyone talks about that great find they
scored, it’s a little bit more at the forefront of people’s…um, shopping habits. Right now, over 33% of millennials are thrifting
for their next vintage piece that expresses the current style. And those ‘current styles’
are pretty much what was trendy 10, 20 and even 100 years ago. Plus, will no doubt be
back in style again sometime in the future.  You know, and clothing and fashion come in
cycles, so trend is important to us, so we’re looking at things that are still relevant
in today’s fashion market. We want things that are either true vintage, from 20 or 30
years ago and have come back in style, or things that are within the last 5 seasons. Just like fashion, our environment is continuously
changing. And now more than ever, both people and companies are taking action to reduce
harmful waste. With an estimated 75% of the 80 billion pieces of clothing made each year
ending up in landfills, people are looking for a more sustainable way to do their shopping.  People should think about, like, the environment.
Like, I think that’s another thing that’ll start to be like a draw for the vintage clothes.
There’s plenty of clothes you don’t need to make new ones. There’s like this fast
fashion, clothes that like fall apart within a year. Like made not to last. The most significant change in the industry
for the last few years is the emergence and growth of user to user sales with social network
apps like Poshmark and Depop – both surpassing an estimated $100 million dollars in revenue
from previous years. Some entrepreneurs make upwards of $10,000
per month using these apps. Others are eclipsing $200,000 for the year. And there are also those finding success selling
through their own online stores. In the beginning, when I first opened, I was
making like more than a couple of thousand dollars a week. I grossed like $1,700 in one day or something.
I remember being like, I want to be able to do this every day. Even teenagers with no retail, fashion, and
business experience are taking in anywhere from $2000 to $6000 a month. So, how do you turn decades-old clothes into
dollars? For most, it’s those once-fashionable pieces
inside your closet that haven’t seen the light of day in years, that eventually become
your first stock items. You can also visit family and friends to see if they have anything
they’re willing to part with. You’d be surprised how many of them are eager to give
you their old stuff. Next, you can try visiting a local thrift
shop to find vintage items for cheap and then sell it with a markup. It’s the classic
buy low and sell high business principle. Then there are companies with an abundance
of deadstock. This is merchandise that was never sold or used by consumers that
are usually stored in a warehouse that companies are desperately trying to get rid of. Another potential gold mine growing in popularity?
Rag yards. Here literally, tons and tons of used clothing
are piled up waiting to be turned into rags or sold to vintage pickers. Although making use of rag yards and deadstock
can be more time consuming, with some places even charging an access fee,
it’s where many larger companies and pickers find treasure. Sounds
like the next reality show in the making. With the thrifting market growing 21 times
faster than clothing retail over the last 3 years and projected to grow one and
a half times the size of fast fashion within 10 years: thrifting doesn’t seem to be on
the decline anytime soon. And with approximately 50 million people using
thrifting apps, there are no shortages of savvy customers looking for the
next great find. Let’s face it, everyone has clothes stored away at home
that has been seen less than bigfoot. Whether it’s something you choose to do
on the side or go straight into full-time thrift mode – there is a great opportunity
to profit from thrifting.                  
“We started off with $100 and a trip to the thrift shop. And now we’re making $5000
a month. It’s awesome.”  
There’s a saying that goes, “what’s old is new.” So why not turn old fashion
into new money?

3 thoughts on “Thrifting: How To Make Money Thrifting

  1. It's hard to find good stuff in the thrifts stores anymore. Everyone is going there now. I used to find great stuff all the time.

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