Donald Trump and his administration's tariffs have thus far been an utter disaster, tanking the stock market and damaging long held trade relations the world over. Now, a new report from Offerup outlines that one industry might see a boom due to the increased taxes on Americans: thrift stores. Veuer’s Tony Spitz has the details.
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00:00Donald Trump and his administration's tariffs have thus far been an utter disaster,
00:04taking the stock market and damaging long-held trade relations the world over.
00:08Now a new report from OfferUp outlines that one industry might see a boom
00:12due to the increased tax on Americans.
00:15Thrift stores.
00:16Their investigation discovered that some 35% of shoppers went to a thrift store for the first time over the past year.
00:22That's an 8% rise over the previous one.
00:24What's more, those who did decide to engage in re-commerce did so due to rising costs of living.
00:29And that means thrifting futures are looking good.
00:32Even before the tariffs, their stores were seeing somewhat of a renaissance,
00:35with experts now saying they had expected second-hand shopping to grow by 55% in just the next four years
00:41and account for some 8% of all retail by 2029.
00:45With the new tariffs driving up costs even further, we can likely expect those numbers to jump even higher.
00:50Executive Director of the National Association of Resale Professionals, Adele Myers,
00:55says this is par for the course with regards to buying habits during difficult times.
00:58Telling Axios, during past recessions, this industry has absolutely flourished.