Argentines Turn to Second-Hand Clothing Markets Amidst Financial Crisis

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ICARO Media Group
News
13/11/2023 22h15

BUENOS AIRES - As Argentina grapples with its worst economic crisis in decades, hard-pressed Argentines are seeking relief by turning to second-hand clothing markets. With inflation skyrocketing at 140% and poverty rates reaching alarming levels, the population is resorting to these markets both to find affordable bargains and to generate extra income by selling their used garments.

The economic turmoil in the South American nation, which holds the second-largest economy in the region and is a major exporter of grains, has had a profound impact on the daily lives of its citizens. Simple purchases like new jeans now cost more than double the price compared to a year ago, amounting to over one-third of the country's monthly minimum wage.

"You can't just go to the mall and buy something you like as you did before. Today prices are unthinkable," stated Aylen Chiclana, a 22-year-old student from Buenos Aires.

High inflation has long plagued Argentina, with economists attributing it to money printing and a persistent lack of confidence in the local currency, the peso. In the past year, inflation has reached its highest level since 1991, exacerbating the already dire financial situation.

To combat the economic difficulties, many individuals, such as 62-year-old semi-retired teacher Beatriz Lauricio and her bus company employee husband, are now attending clothing fairs on weekends to sell their old garments in order to make ends meet. Lauricio emphasized that their participation in the fair goes beyond a means for extra income; it has become a daily necessity.

María Silvina Perasso, the organizer of a popular clothing fair in Tigre on the outskirts of Buenos Aires, explained that the rising prices have outpaced salaries, leading people to seek more affordable options. The monthly minimum wage in Argentina is 132,000 pesos, which amounts to $377 at the official exchange rate. However, due to capital controls and restrictions on foreign exchange transactions, the real street rate is only half that amount.

"With the economy the way it is, they buy clothes at 5% or 10% of the value that comes from a store, and they can buy things for their families," stated Perasso, highlighting the significance of second-hand clothing markets in providing accessible options during these challenging times.

María Teresa Ortiz, a 68-year-old retiree relying on her pension and casual sewing work, revealed how the clothing fair enables her to afford necessary items that would be unattainable otherwise. She expressed frustration over the inability to purchase new shoes, jeans, or shirts, forcing her to rely on these fairs for her clothing needs.

As Argentina's financial crisis continues to unfold, the reliance on second-hand clothing markets serves as a stark reminder of the harsh realities facing ordinary citizens. With inflation raging and salaries falling short, these markets provide a lifeline for struggling Argentines seeking to clothe their families and navigate a complex economic landscape.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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