Ireland’s Shift to Thrift
Cash Converters is at the forefront of dramatic change in Irish spending habits
28th July, 2009, Dublin, Ireland: Cash Converters, the second hand goods specialist, is witnessing first hand how, as the recession really starts to bite, Ireland is returning to the thrifty values of previous generations.
The downturn is leading to a huge change in the way people view their spending. The oft used term “more money than sense” is now starting to have a hollow sound for many children of the Celtic Tiger who threw their money away needlessly on luxury purchases that now look excessive. Thrift is definitely back in a big way.
Cash Converters has been at the forefront of this change with people using their stores to trade in goods, down grade or learning how to buy wisely. Kit Sadgrove, Managing Director of Cash Converters, says:
“Bring thrifty is definitely back in fashion, though it’s more though necessity than choice. During the boom it seemed people could not spend their money quickly enough, when buying big and brash was seen as a sign of success. Now with the recession taking a tighter hold those expensive purchases are starting to seem like a mistake. We have TVs that are too big for our living rooms, cars that are too big for our driveways and houses that are just too big for us.
“A lot of the problems stem from the fact that these purchases were made on credit and meeting the repayments during the recession is putting a lot of people under added pressure. We are witnessing the results first hand with people selling items they now don’t see as necessary in order to cover their debts. People are also being a lot more sensible in their purchases, buying smaller items than they would have before – this is particularly true with TVs or buying second hand where previously they would have gone for something new. Buying second hand is no longer looked down on but is seen as sensible way to save money. Now it’s actually seen as more impressive to save money instead of wasting it needlessly. In this new age of austerity buying smart is intelligent.”
Why being thrifty is good for and good for you pocket:
• New products depreciate quickly so by buy buying second hand you can get goods costing a third less than their new price.
• Buying second hand is ‘green’: it is good for the environment because it reduces wastage and recycles products by passing them onto new owners rather than ending up in landfill sites.
• A lot of second hand goods are often only a few months old because people a more likely to sell new goods that they feel they can get more money for.
• People often sell goods because they can’t make them work or they don’t take to them, not because they are faulty, which is great thrifty buyers.
• The second market makes more sense for something you have never tried before. Why buy a new guitar when you don’t know if you will be any good?
• What might be out of date for someone else might not be for you. This is particularly true for laptops and games’ consoles.
One question remains though: which is the thriftier of the sexes, men or women? Kit Sadgrove provides the answer:
“The common misconception is that women are thriftier than men, but, in my experience at Cash Converters it is the men who are the thrifty ones. This is true whether it is buying or selling goods. I think it is probably because, on the whole, men are still as the main breadwinner in the family and, therefore, are under more pressure to bring money in by selling surplus goods or try to save their hard earned cash by buying second hand. But, with the older generation I think thrift comes naturally to both men and women because they grew up in a less affluent and materialistic era.”
Further details on Cash Converters can be found at their website www.CashConvertersDublin.com
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For further details please contact Simon Palmer on + 353 (0) 851 341 761 or email simon@republicpr.ie
Notes to editors
Cash Converters’ stores sell a wide range of goods. As well as lap tops and musical instruments, they also sell: games’ consoles, mobile phones, MP3 players, watches, jewellery and an extensive range of DVDs, CDs and computer games, all at well below their normal retail prices.
Cash Converters also offers customers a ‘buy-back scheme’ where a short-term loan is given to a customer, with the goods taken as collateral. On average three quarters of people come back for these items.
Cash Converters’ Dublin stores are owned by Kit Sadgrove, a 54 year old who divides his time between Dublin and Bristol in the UK.
His other companies include: a home-study business, The Learning Institute (www.inst.org), which provides, inter alia, courses in photography, wedding planning and life coaching; and also a specialist diet dog food company called Formula K (www.FormulaK.co.uk), which provides a revolutionary weight loss food and low-GI diet for dogs.
Kit is also successful author of several business books, included the renowned The Complete Guide to Business Risk Management, and he has also just finished writing a children’s picture book, which will be published soon. A man of many talents, he’s also working on a new toiletries product for men.
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Business | Simon Palmer | 
28/07/2009 5:34 pm | 
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