Preloved to loved: The benefits of thrifting

Such a culture might have gained traction out of necessity in tough economic times. With the vast number of ways in which costs of living are rising, people are motivated to be more prudent on their spending in order to maintain as much of the lifestyle that they are used to.

In looking for alternative platforms for their shopping, there’s been a gradual shift in mindset among Singaporeans to perceive second-hand items as aesthetic elegant items⁵. With more workplaces warming up to the concept of working from home, it might also be the best time to do some deep spring cleaning. It’s no wonder we’ve seen a rising popularity of resale platforms and e-commerce sites like Carousell, where people sell items, they no longer need for extra cash³ — it’s a win-win situation that benefits both the sellers and buyers to sell or get the items they want.

Now that you know more about thrifting, you may be thinking — is thrifting for me? Here’s three reasons why you should give it a try!

Buying new clothes all the time can be expensive and impractical. Parents of young children especially can attest to this — you would know how fast your little ones outgrow their clothes and you have to purchase a new set.

Needless to say, thrifting is extremely budget-friendly and staying true to our Singaporean spirit — not missing out on a good bargain! Clothes from a thrift store not only cost less than what you’d pay at a retail shop, but you can frequently find them in good condition, and at a fraction of the original retail price, if you know where to look and get a good deal (tip: check out Carousell, LuxCollate or The Watch Box for second hand luxury items⁶).

In high end fashion thrift stores like Déja Vu Vintage⁷ or Loop Garms^8,9, it’s not uncommon to see exquisite and unique pieces of clothing going for way less than what you would buy an equivalent item for in a retail store. On the supply side of things, there are also platforms like Olio which allow people to trade or give away items for free within their community to prevent wastage¹⁰.

2. The novelty of owning something vintage

Since thrift shopping and vintage stores tend to have one-of-a-kind items, they are often seen as unique and special, unlike mass produced clothes in fast fashion. Fashion thrift shops like The Fashion Pulpit deliver on clothing, which is both vintage and luxurious, while fishing in furniture thrift shops like Noden or Carpenter and Cook often throws up timelessly cool antique pieces to put on display in your home.

Contributing to a circular economy helps to take the pressure off our environment, and thrifting is an excellent way to engage in such sustainable living. While consumption may be inevitable at times, we can all do our part to move away from a take-make-waste system.

Did you know that on average, a piece of clothing is worn seven times before being thrown away? In some places like China where consumption of fast fashion is a bit more rampant, it’s only three times¹¹!

Through thrifting, we can extend the life of clothes by an extra nine months, which would in turn reduce their carbon, water, and waste footprint by about 20 to 30 percent¹². So why not thrift?

As people become more conscious about their choices, there is a growing trend to be more sustainable not just when it comes to consumption, but also in every aspect of our lives. In retirement especially, as we look at our lives in the long term, this means having to ensure that our savings are sustainable enough to live life as we want it, with our growing life expectancies bringing a slew of opportunities to achieve all our goals and dreams.

Whether it’s to supplement medical expenses or to celebrate new milestones after your retirement, PRUVantage RetireCare can help you make your savings sustainable, so you enjoy your golden years with a peace of mind! Want to find out more? Speak to a Prudential Financial Consultant today.

For more information on how Prudential is addressing sustainability challenges, please refer to our Sustainability Report 2021.