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Saturday, April 23, 2011

How to make a few extra bucks: Consignment 101

The catch phrase from SecondTimeAround is "Recycle your unwanted clothing and start earning money today!" Now consignment is certainly not a new concept but I think that it is becoming more popular because people are getting more and more into recycling/reusing everything.

Usually, I try to clean out my closet 1-2x per year. I analyze each item of clothing and ask myself: does this fit me? is this style still popular? will I wear this again? If the answer is no to any of those questions then I usually I chose to donate. I have a few cousins or family friends that are younger than me and would probably fit into my old clothes so that is option #1. Then, if that doesn't work out I usually donate to salvation army or something along those lines.

This year, I happened to be walking around shopping and I found this great store that was selling near-new used clothing but really upscale designers. I figured it would be worth a shot to consign considering the items I was going to give away were Tory Burch, Lilly Pulitzer, Ralph Lauren and BCBG!

Well, it was a great decision - I made over $100 and I still have a few more months to continue to consign. It is a great idea so check out the site for more details:


Thursday, April 14, 2011

Sunday, April 3, 2011

Same price but less product?

Recently, an article from The New York Times mentioned that many companies are putting less products in their bags/packages but keeping the prices the same in order battle price increases. Is food inflation here? The article mentions one shopper who said she began inspecting her other purchases, aisle by aisle. Many canned vegetables dropped to 13 or 14 ounces from 16; boxes of baby wipes went to 72 from 80; and sugar was stacked in 4-pound, not 5-pound, bags, she said.

Being in the CPG industry, I can relate to this. We have taken price increases on certain items in order to keep up with increasing costs related to the raw materials. Although it's not that noticeable in household goods, I think when people are grocery shopping for food items it is more obvious. Companies aren't going to advertise that the prices are staying the same but customers are getting less. However, there are "creative" ways of marketing the new changes such as promoting the fact that snack sizes may be more healthy a.k.a. 100 calorie packs or emphasizing how the packaging may be more green and smaller etc.

Kraft's CEO even mentioned that the company must closely watch the rise in commodity prices. Whether they introduce smaller packages, smaller serving sizes or begin lowering costs across the chain there is no doubt that companies will start to be more conscious about costs and portions in each item they sell.