Americans are flocking to second-hand shops: demand has increased ninefold
This is reported in an article in The Independent.
A recent report by the Bank of America Institute states that Americans are no longer simply buying second-hand goods. They are spending less money on each individual item.
The bank’s analysts examined credit and debit card data. The report states:
"The number of transactions involving second-hand clothing per household has grown nine times faster than spending on second-hand goods in March, yet consumers across all income groups have been spending less on each purchase since April 2025."
Previously, second-hand shopping was merely a pastime for social media. Videos featuring second-hand finds flooded TikTok. Now it is a dire necessity, and people are trying to save money.
Young people have turned second-hand shopping into a lucrative business. For them, it’s not just “about the environment”, but also “about money”. The generation of young second-hand shop owners now accounts for 41%, whereas last year this figure was lower – 37%.
The total number of Bank of America customers selling items has risen by 16%. People are looking for any way to make money. Old wardrobes are becoming a source of income, helping people survive amid the ever-rising cost of living.
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