B.C.’s second-hand economy generates more than $1B a year

We’ve all felt it, the thrill of finding a good deal. That thrill is so intense it’s pushed the second-hand business into a more than $1 billion-a-year economy in British Columbia.

According to a Vancity Credit Union report, used goods are popular since they’re easy to swap, sell, buy, borrow and they’re part of a green economy.

But it’s the price point that’s the clincher, offering up an affordable option for cash-strapped B.C. residents.

The Vancity study showed 65 per cent of B.C. residents who buy used goods state affordability as the main reason, and millenials are also playing a part with 52 per cent buying second hand because they’re going through financial hardships.

“Their reasons for participating was more around they needed to make ends meet to pay the rent, and to take part in their life,” said William Azaroff, Vancity vice-president of community investment.

Savvy shopping is one way B.C. residents help make ends meet with 97 per cent saying they have taken part in the second hand economy.

At the Wildlife Thrift Store on Granville Street in Vancouver, owner Karla Ahlqvist said their business has grown exponentially in the 15 years they’ve been open.

“It’s the wave of the future for anybody on a budget, or anybody who just doesn’t want to spend all their money buying brand new. This is the answer.”

Tweet This Click to share quote on Twitter: "It's the wave of the future for anybody on a budget, or anybody who just doesn't want to spend all their money buying brand new. This is the answer."

It’s no secret living in the Metro Vancouver area is expensive, especially for younger residents making insufficient wages and facing steep housing costs. But the report also found that people want to be green.

Azaroff said their findings showed that many of the people want to see a more sustainable economy that isn’t so disposable.

Thrifty shopping has all kinds of customers, not just the ones in need, or who want to be green, but those who want to find a good deal.

Take the markdowns at Turnabout Luxury Resale. For almost 40 years, the consignment giant has been quietly operating in Vancouver, now expanding to several locations including a newly-opened and successful furniture resale venture, and are looking to start an online store.

“It’s definitely cool to shop thrift. You know we get everybody in the city, high profile celebrities come in, that are suppliers as well as shoppers. I would love to name names, but of course we keep that confidential,” said Courtney Hunter, resale manager with Turnabout Luxury Resale.

Tweet This Click to share quote on Twitter: "It's definitely cool to shop thrift. You know we get everybody in the city, high profile celebrities come in, that are suppliers as well as shoppers. I would love to name names, but of course we keep that confidential," said Courtney Hunter, resale manager with Turnabout Luxury Resale.

What is not confidential is how people like to let everyone know about a deal they got. What’s more of a secret is why people need the deal. As affordability continues to be a concern, second hand shops can be sure to stay in business.