3 Tips for Navigating an Economic Downturn as an Antique Dealer

It’s an election year, which means extraneous consumer spending is low, but that’s not the only problem retail stores are facing. Since 2020, The United States has seen a massive inflation surge, with consumer price inflation rising 21.75% from January 2020 to May 2024. As such, many retail stores are seeing a decrease in spending outside of basic necessities, especially small stores with niche markets. The economy historically ebbs and flows, and, while it is currently suffering to such a degree that everyone is feeling it, it will eventually correct itself.

So what can store owners do to ride out this economic downturn?

Adjust Your Pricing

When a consumer’s dollar is considered a precious commodity, it’s time to evaluate Worth vs Value for your merchandise. While your prized antique buffet may be worth $3,500, most customers in an economic downturn won’t accept that as its value, leaving it unmoved for months or even years at a time. One of the first things I notice upon entering an antique shop or booth is that it’s quite frequently identical to the last time I visited. This suggests that either your selection is poor or your prices are too high, so take a look at your wares and see what you can do to encourage buyers to leave with one of your items.

Build Your Inventory

Take advantage of yard sales, auctions, and other resellers to build your inventory at low prices. As the reach of the dollar continues to decrease, people tend to resort to selling their things in order to make a little money. In an economic downturn, people have a tendency to underprice their items. This is an opportunity to swoop in and buy a nice item to hold onto until the next upturn. Auctions are a great way to find new stuff at potentially low prices because you never know what you’ll find or who else will be interested in the items on the auction block. We host live and online auctions and have had some particularly interesting finds slip through frequently, so check out one of our current auctions to see if you can snag some items that fit within your line of products.

Maintain Engagement

If you have a dedicated consumer base, don’t let them fall out of touch during long periods of low spending. Maintain a social media presence or email list to keep yourself on their mind. Discuss your favorite pieces on social media to reinforce its value and instill a “need” to purchase it, despite its price tag. Discounts and coupons for followers and mailing list members are also a way to maintain reach while still refraining from selling yourself out of business.

Economic downturns can be scary for smaller businesses, but if you stay strategic and focus on how to continue to reach your customers, you’ll be able to ride it out and prosper on the upswing! Evaluate your current pricing structure, stay on the lookout for new opportunities, and keep watching the trends, and you’ll have the tools necessary to keep yourself afloat until the next wave hits.