In Ailing Economy, America Gets Thrifty

(CBS)  Out of the recent economic chaos, a quiet virtue is taking shape - thrift.

As the old saying goes, one person's trash is another's treasure. These days, there are more treasure hunters than ever before. As the economy tumbles, Americans are looking for ways to cut costs - and thrift stores fit the bill, reports CBS News correspondent Priya David.

"During this past year, the numbers have increased by 330,000," said Major Dennis Gensler of the Salvation Army. "That's a significant increase in the number of customers that are actually in our stores."

Maria Aiello is one of those thrift shoppers.

"I find all the bargains I can - second-hand clothes, second-hand anything," she said.

Hundreds of thousands of Americans now find themselves needing to live frugally. Here in the northeast, bargain hunters can pick up a garment at the Salvation Army for an average cost of $2.58.

The Salvation Army told CBS News that in many stores, sales have increased up to 20 percent in the past year.

And Winmark Corporation, the parent company to four thrift franchises including clothing store Plato's Closet, reported a jump in income of almost 50 percent.

At Manhattan's Memorial Sloane Kettering Thrift Ship in New York City, which caters to a well-heeled clientele. They've got thousand-dollar Chanel suits on sale, so business is brisk.

"This year has actually been excellent," said Anita Askienazy. "One of the better years since I've been here."

These earnings come in stark contrast to national retail sales, which were down 1.4 percent in September compared to last year as consumers shunned the malls.

One thrift shopper told CBS News she doesn't miss retail shopping.

"I bought a David Meister dress here that was from this year and it was $398 online and I got it for $8 and I wore it to a wedding on Sunday," she said.

But even busy thrift stores are finding it tough to stay in the black.

"Like everyone else, we're feeling the pinch of the economy," said Gensler. "Wages are continuing to rise and we try to be fair with our people and benefits costs are going up. So our expenses are actually growing faster than our store sales income."

"The donation flow becomes a barometer for tough economic times and what we're experiencing now is sales are up, donations are down," said Jim Gibbons, the CEO of Goodwill Industry International.

The trickle down effect - bad times, second hand.

[rgjmudbug]

TELL KATIE TO GO TO THE THRIFT STORE! THAT WHOULD BE SIGHT!

[rgjmudbug]

DON''T BUY A THING TELL THE STOCK MARKET WHERE TO GO! OUT THE WINDOW!SIT AT HOME,REAT A MOVIE, LOOK AT THE BALL-GAMES, READ A BOOK! YOU CAN READ?

[onarollagain]

Response to America gets thrifty while Sarah Palin buys her clothes and Nieman Marcus and Saks Fifth Avenue.

Who cares about the outward appearance or the fabric she wears....it''s the fiber of her soul that counts and she is one confident, intelligent, spunky, and honest women. Something you could never say about Hillary or Nancy.

[onarollagain]

More on Obama''s Redistribution of Wealth Position which he has held since at least 2001 - frightening

http://www.youtube.com/watch?v=iivL4c_3pck

[albertw40]

America gets thrifty while Sarah Palin buys her clothes and Nieman Marcus and Saks Fifth Avenue.

[Michael Arnold]

No store bought gifts for Christmas this year. Only baked & homemade ones.

After the 700 billion bailout, Wall Street has too much of my money.

Go to h--l, Main Street.

[panhandlpete]

Nine days left in the countdown.....

What happens to the fear factor when people are losing their jobs, their homes, their retirement pensions, and possibly their dreams for the future? Too bad we did not pull together, after 9/11, and sensibly avoided all this war mongering just for black gold! Would this financial meltdown now exist? Would our economy be in its present condition had our elected government representatives acted prudently to prevent loss of jobs to outsourcing, controlled the illegal population growth, and done oversight?

Having a veto-proof number in the Senate will keep the sitting President in check, but it does run the risk of the minority being totally ignored.

Thrift stores were not around where I grew up, but the memories linger of how exciting a bag of ''second hands'' brought cheers of happiness to neighborhood
kids. It is the tough times that bring out the best and the worst of us.

[zaniacloclo]

This election is not about the repoublican party versus the democratic party. It is going to be about how to get back to producing something of substance so that we do not have these fictitious bubles.The days of consumption are over. Now we need to go into days of production again.Whoever puts in place the right programs to make this happens will certainly help us get back on our feet. Unfortunately Obama is too focused on redistribution of wealth and not on wealth creation. That is his biggest downfall. And we will all pay for it dearly.. It takes 4 year to remove a bad president. 8 years if the country can not figure out where it needs to go.

[trillion1]

Our economy grew from the working American''s spending not the wealthy spending. Now that wages are at best stagnant and the basic cost of living has gone up average American''s have to find anyway they can to stretch their hard earned dollar. And look who congress gives over $700 billion to. If you vote for an incumbent you deserve more of the same.

[tannerbird]

Not to worry gas prices will not stay down.