Safe Sales Up in a Devastated Economy
According to Brown Safes located in San Diego, CA, sales of their $600-$100,000 safes are up 20-30 percent in the last three to four years. The spur of safe buying has been brought on by multiple factors, such as recent natural events, the banking crisis, MF Global and a lowering standard of living in the US. Many individuals are turning away from out-of-home storage solutions because of their worries that, in the event of a disaster, they would be separated from their belongings. Still others believe that the banking system is corrupt and they risk losing their money in it.
“We’re hearing a lot of people say they are closing their safety deposit boxes and bringing their valuables and important papers closer to home, where they can get their hands on them quickly,” said James Skousen, a spokesman for Liberty Safe, adding that his company had seen a surge in people buying safes to store gold and silver bullion bought as a hedge against the dollar.
At Liberty Safes, sales of residential safes have skyrocketed about 40% since the economic crisis set in. At Brown Safe, sales have risen 30 percent annually over the last three years, and sales of “luxury,” or very high-end safes, which make up 20 percent of the company’s business, have gone up 30 percent in the last year as well.