The Effect of the Recession on Sports Memorabilia
January 26th, 2010 Filed under: Uncategorized — Economic Author
This past year has been very difficult for so many families across the United States. Job loss has been in record numbers. People have needed to adjust their lifestyles just to make ends meet from month to month. Luxury industries, such as travel and entertainment showed signs of the recession when families had to cut back on the unnecessary purchases in exchange for paying the bills and buying food. Hobbies, such as sports memorabilia, are not an exception.
Historically, very specific baseball cards, or signed jerseys from famous or winning players, have valued at numbers in the thousands. Obviously, during economic times such as these, it would make sense that these kinds of items would no longer sell for their former values. People just don’t have the money, right? Well, this may be true, and merchants are reporting lower sales than in the past, but not to the extent we may expect. Auctions are still seeing a following and are still bringing in enough money to keep the activity alive.
One theory about why sports memorabilia collecting has not died with the fall in the economy is that these items remind of the good times: times when our favorite team won the championship, or that great game we went to see with our old college friends. Perhaps, when times are bad, we need these more than ever. Additionally, sports are more popular than ever. People are not eating out and going on trips. They are staying home, and with multiple sports channels on television, they have more events to follow than ever. Sports and the memorabilia are a great means of escape from the hardships of the present.
Online auctions has had an enormous impact on the sales of sports memorabilia. These online auctions have boosted collecting as a hobby because it has made memorabilia more attainable. Again, we do not need to leave our house to purchase something, and the price is often substantially lower than that of a retail or a resale store. Thanks to the ability to shop at home, auction-style, even those who can no longer afford to shop for memorabilia in the stores, still have an opportunity to find and purchase that sports treasure they have been seeking.
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