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Due to Increasing Inflation, Many Thrift Stores Across Manitoba Are Flourishing

In Canada, inflation rates have been increasing non-stop, and many citizens are facing financial struggles. Due to inflation, citizens have started to look for cheaper options, and because of that, surprisingly, some businesses are flourishing.

Thrift stores across the country have shown a dramatic increase in sales and owners are proud and happy. They believe that people are finally realizing the importance of reusing things rather than buying shiny, new stuff. “We’re busy and summer is a busy time for us, but we have noticed an increase in volume, I think it’s inflation and the price of inflation, but also it’s the trend of thrifting and reusing and not sending to landfills, so we’ve noticed a huge increase in that demographic of 17 to early 30s. People are mindful of that.” said Candy Anaka-Pare, a board member of Prairie Crocus Thrift Store. 

Inflation reached its highest level since 1983 in June 2022, and it keeps on increasing weekly. Inflation has been putting pressure on the Bank of Canada in terms of interest rates. Due to inflation “The Canadian dollar weakened and bonds rallied. Two-year benchmark Canada yields fell to 3.22% as of 8:43 a.m. Ottawa time, down about 6 basis points from their level immediately before the data release. Ten-year yields slid to 3.026%,” according to an economics article.In the simplest terms, this means not only higher interest rates for loans and for businesses, but higher costs passed down to consumers in all areas.

Many are wondering if this should be considered something positive or negative. On one hand, there are positives to people shopping at thrift stores to maintain sustainability, but on the other hand there are negative effects if people are turning to thrift shops because inflation is hitting the country hard, especially if they’re not able to afford the cost of new things. “To be completely honest, even thrift shops aren’t as cheap in the meantime, and I think people are turning to thrift shops because of the high inflation,” said a Value Village customer, Abud Al Sa’adi. 

Inflation rates are affecting Canada everyday. Some people say inflation is like a “double edged sword”. It might be good for some people, but very bad for others. In this case, inflation has impacted thrift stores positively. 

– Halla Alhamed, U Multicultural

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of U Multicultural.

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