Cedar Rapids, Iowa (KCRG) – As inflation continues to hit businesses across the country, some Iowa thrift stores are reporting booming business as families find ways to save.
Shaun Clasen was looking for a good thrift store at Style Encore on Sunday afternoon.
“I like to stop here once a month and look at the deals and see if there are any little things to take away,” says Clasen.
Clasen loves shopping, but she always has a budget in mind.
“I don’t like spending money,” Classen said. “I’m very frugal.”
Classen said she was frugal before inflation hit the headlines after the pandemic, but added that she and her family must have made changes as prices rose.
“We’re reducing some of the non-essential items at home,” Classen said. “We’ve definitely reduced the number of times we eat out.”
Last week, the Fed raised its short-term borrowing rate again by 0.75% to combat inflation, the fourth hike this year. Some local thrift stores are seeing record numbers as inflation continues.
“I think it’s like in May or June — it’s one of our best months like we’ve ever been open,” said Joel Crowley, who works with Style Encore.
“Last October was the best October in our store’s history,” said Stuff, Etc.’s Kristy Flack.
On a slower day, about 20 people at Style Encore came in to trade used items for cash, Crawley said.
“In this month of last month, we’ve seen 40 purchases a day,” Crowley said.
More than just thrift store reporting records. A recent analysis by the House Oversight and Reform Committee said the shipping, car rental, meatpacking and oil and gas industries had record profits.
“Recent economic studies and subcommittee analysis of corporate financial information suggest that certain corporate pricing decisions play a key role in expanding corporate profit margins and driving inflation, due to supply chain disruptions caused by the pandemic, Russian misconduct and illegality Disruption, inflation has gone up. Ukraine war and other factors.”
Under pressure from rising prices, Thrift offers at least a way to enjoy luxury shopping without the high price tag.
“I think we’re all looking to expand the dollar that we earn,” Clasen said.
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