Rising Clothing Prices Have Parents Thrift Shopping More Frequently
Parents are no stranger to rising costs. Over the course of their child’s lifetime, moms and dads will groan as the price of a pair of shoes or a jacket gets higher year after year. However, this year, in particular, parents are faced with some of the highest costs for clothing in recent history.
Stuck with the same tight—or tighter—budgets for their kids’ clothes, more families are turning to children’s resale. Buying from child-centric secondhand stores like Kid to Kid allows parents to stock their growing child’s wardrobe without breaking the bank.
The cost of clothing is rising—and fast
Over the past year, consumers have discovered that both necessities and luxury items have gotten more expensive. Last month, the U.S. Department of Labor reported that consumer prices rose 6.2% between October 2020 and October 2021. This inflation rate is the highest it’s been in over a decade.
In the fashion industry, specifically, prices for apparel rose 4.3% in the past year. Month after month, buyers are finding that what they used to pay for a new T-shirt is now a few dollars more.
There are a few major reasons clothing is getting more expensive. First, the pandemic has impacted the way products are manufactured. Material shortages are causing manufacturing costs to skyrocket. For example, the cost of cotton is the highest it’s been in a decade.
Supply chain issues are also to blame. Retailers are paying more to ship products and/or find alternative manufacturers to maintain their stock. Many stores are passing these costs on to consumers.
Finally, there’s more consumer demand—especially this time of year. With limited supply, retailers are able to raise prices as well as limit sales. Consumers are paying more per item, on average, without the discounts.
Parents are in a tight spot
As clothing prices rise, budgets get tighter. According to the Bureau of Labor Statistics, the average family spends $1,800 on clothing per year. This amount is sure to increase as costs continue to climb.
Unfortunately, parents will be some of the hardest hit when it comes to the impact of higher clothing costs. As Kid to Kid’s CEO Scott Sloan says, “Kids grow faster than paychecks.” On average, children grow out of clothing every six months. Rising clothing costs plus rapidly growing children spells disaster for parents’ wallets!
Right now, families are looking for ways to stretch their budgets as far as possible, especially in the wake of the pandemic. That’s why more parents are turning to resale shopping. Resale clothing is not just cheap—it’s also good quality. Shoppers can find like-new garments for their babies, toddlers and school-aged children at a fraction of retail cost.
As their children age out of clothes, buyers have the opportunity to sell used clothing back to their local resale shop and restock closets with the next size up. This revolving model keeps parents coming back for more month and month, year after year. Plus, with stock constantly changing, they never know what they’ll find! This gives kids the opportunity to explore new styles affordably.
Data backs up the assertion that parents are increasingly entering the children’s resale apparel market. According to ThredUp’s annual resale industry report, moms are the most impacted financially by post-pandemic clothing costs. One in two moms with young kids plan to spend more on secondhand in the next five years. This demographic group is making a bigger shift to resale shopping than any other customer segment!
Kid to Kid is here to help parents
Owners of children’s resale clothing stores like Kid to Kid can expect more parents to browse their racks in the coming months. As clothing costs continue to rise while budgets stay the same, parents will need buying opportunities that deliver great value and quality. Kid to Kid’s resale model provides just that.
Are you a business-minded entrepreneur with a passion for serving kids, families and the community? Opening a Kid to Kid franchise might be the perfect fit for you. Fill out our contact form to learn more about our children’s resale franchise opportunity!
