Oxfam has reached its highest sales in the last five years because of the increase in demand for secondhand clothes and gifts. The organization has 650 shops nationwide and has had a $1.7 million boost to end poverty and suffering. There has also been a 9% increase in virtual gifts such as safe water. They attribute this success to improved shop fronts, gift ranges, and opening hours. WIth this success, Oxfam has been able to increase the funds towards humanitarian crises like Yemen, Syria, and South Sudan. However, this success has a lot to do with location as well, for several other charity stores did not increase their revenue this year. Despite this, the overall trend is that demand is increasing, attributing to the greater funds for humanitarian efforts.
- How does Oxfam’s increase in demand and sales connect to the factors of economics that we discuss in class?
- What advertising methods do you think are used to increase such revenue?
- What humanitarian crisis do you think should be prioritized with this increase in funding?
I feel that the increase in second hand gifts being bought is likely due to people trying to save more and reuse more stuff.
ReplyDeleteI think a lot of people nowadays can't afford to buy decent presents for everyone so they buy cheaper presents to be able to save money. (even though it its the thought that counts not the actually presents.
ReplyDeleteWhen Estonia turned around their economy to be one of the most thriving ones in the world, they said that one way they did it was to focus on fixing the government before anything else. However, when there are humanitarian crises like not having clean water or shelter, then I think government repairment should be put on hold. In this case, it is good that people are helping other people and giving back, but it puts the issue of fixing the economy on hold
ReplyDeleteSince the future is progressing towards reusing and reducing waste, I think more people are looking for alternatives to a healthier living style. Seeing that the company is already so big, the appeal of their efforts combined with the large amount of stores worldwide makes it that much easier to shop there and that is why it is working.
ReplyDeleteI think that efforts should be put in to helping homeless people and families who are struggling to meet their basics, I think advertising that is working are videos or pictures that focus on showing how people dont have things that others take granted.
ReplyDeleteI think it is a good idea to fix humanitarian crises before fixing anything with the government. If your citizens are not happy, then the government will be looked at for that. I think homelessness should be prioritized, especially in big cities because that is where it is most prominent.
ReplyDeleteI think the gifts are extremely high for festivities so people buy cheaper gifts to save money. Commercials and advertising on social media are the way they promote more people to buy. We should fix humanitarian crisis before fixing any situation that isn't as important and can be fixed later.
ReplyDeleteThe basic needs for survival are the absolute priority over more frivolous and/or inessential exploits. Clothing and food, as well as materials for shelter, should be thought of first i believe
ReplyDeleteI feel like this situation connects to what we learned about key economic principles in the sense that Oxfam is optimizing their sales through increasing store availability though it may have cost more initially to create those extra opportunities for consumers to access the products.
ReplyDeleteI believe that this connects to what we learned in class about economics because by advertising to the consumers that some of the profits made would be used to fund humanitarian operations, Oxfam would actually sell more since the people would like to help and get something more out of it at the same time, ultimately increasing demand.
ReplyDeleteAs people are more concerned for our environment, they are looking for alternative ways to support their lifestyle. This can include buying reusable items, and trying to reduce their trash output. Because of this, companies such as this one are thriving and are making more money. Their market is growing, therefore so is their income.
ReplyDeleteThey advertised to the consumers. They would probably sell more since they want to help people.
ReplyDeleteThis is good since people are getting helped as well as getting the necessities of food and clothing. More items would be sold as well.
ReplyDeleteIt is similar to what we have learned because it probably cost a lot to open the stores yet it had a better outcome, and they received many benefits for themselves and the consumers.
ReplyDeletepeople are most likely trying to save money or wont able to afford something bigger. With more shops like these and advertisement people will be attracted to these businesses more
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