The Resale Revolution: Why Pre-Owned Shopping Is Taking Off

Well, Vancouver's retail landscape is changing. More and more consumers are looking for bargains, and they're turning to pre-owned goods, creating opportunities for independent resale businesses. Is this a response to the high cost of living or a more permanent shift in how people shop? Joining us now is David Ian Gray, a retail advisor. David, thank you so much for joining us.

Uh, glad to be here, Robin.

I, I love how they're calling it pre-owned goods now. We used to call it secondhand stores. What's, what's this new way of marketing it?

Or, or used. [laughs]

Right.

Um, well, you know, m- marketers need, uh, need their, their buzzwords, of course. But I think pre-owned has a little bit softer connotation. I think, I think there's a little bit of a stigma in the past with secondhand. Um, and as times change and people are becoming more comfortable with the idea of, uh, of those items, I think pre-owned just is a, a gentler way to nudge new people into it.

For sure. How much of this is connected to the high cost of living?

A lot. In our, in our research with, uh, Angus Reid Group, um, we found that first of all, it was very mainstream. You know, again, most people are ... uh, most Canadians have bought something in the past year that is pre-owned. But of the people doing that, uh, over three-quarters are citing, um, you know, cost savings and, and the economy as a, as a driver, uh, of, of doing this. And I think that's why we've seen a, a lift in it. It was always there, and, uh, and there's some other factors as well. But I think the economy of the last few years has started to push more people that hadn't been as active in, uh, in, in buying secondhand or pre-owned, uh, into it. And as they do it more, they're more comfortable with it.

Is there a certain demographic that these businesses are gearing toward?

Well, it, it's all over all demographics, but the, the, the actual catalyst, I think, uh, has really risen with younger people, younger shoppers, and I think there's two reasons. One is especially for, say, um, teens or even tweens, uh, you know, they have very limited spending. And so, um, uh, a few dollars goes much further, and there's a lot of fun hunting for things, uh, be it records at a used record store or clothing at a, a, a, a vintage or thrift store. Uh, but they've s- started to bring that mainstreaming into the house. And one of the things that's really been part of the storyline is, is the sustainability side to it, that whether or not it's about saving money in the first place, the fact that it's legitimately a greener way of shopping, uh, has a real feelgood to it. Pe- people are, are kinda proud of that. And you see a lot of, um, ins- uh, you know, social media influencers who have been talking up their hauls and finds, uh, on secondhand and making that part of the story.

You know what I've seen, though, is those secondhand stores that we grew up with, you know, um, they are, they're jacking up their prices too.

Well, as, as this has become trending, there is more economic incentive, I think, to, uh, to do that. Um, but I think it's a little bit at their peril unless they're also creating better store environments. Like, one of