When I moved to Sweden, sales happened twice a year – in summer and at Christmas. Sales started the day after Midsummer (a big holiday in Sweden) and on Boxing Day, and ran for two or three weeks. Price drops were between 50% and 70%. Second hand shops were generally run by charities and looked like jumble sales. Consignment shops were few and far between but you could find designer labels for great prices.
The retail landscape now looks totally different. There are sales and discounts all the time, and if you can’t find one, the item can also be found cheaper online. Fast fashion, disposable fashion, and the TikTok generation has meant that consumption of skincare and fashion has skyrocketed. The second hand market has exploded, both physically and online. Prices have shot up. One street in Stockholm (with small streets leading off it) has 22 second hand stores. Even flea markets are curated and expensive these days. Don’t get me started on Black Friday…which now starts the day after Halloween (another opportunity for companies). The price drops are generally 20% to 20%, which to me is a discount rather than a sale.
Personally I think the second-hand market is oversaturated at the moment, and the prices are too high. I can understand a high resale price on a desirable designer piece, but these stores sell chainstore fashion (albeit curated) for more than they cost brand new. And with new clothes constantly discounted, they are no longer bargains. A circular economy only works to stop overconsumption if the circle is closed.
I was talking to a younger client who shops a lot at sample sales. She says that people her age expect sales and discounts, and buy a lot second hand. Partly because they cannot afford the high prices these days, and partly for environmental reasons. They will use Uber rather than a traditional taxi; they will buy at a brand’s sample sale rather than in their boutique.
The same is happening in the laboratory-created diamond market. As lab-created diamonds flood the market at lower and lower prices, people are buying giant stones which will have no value in a year or two. Previously, diamonds were attractive because they were a marker of income and status. I think the trend will move to unusually coloured stones and more discreet rings.
As with everything, I guess it is important for shoppers to be aware. Caveat emptor.
