Sales Of Safes Soar
Booming business of fear: Sales of safes soar
Brown Safe created this $6,500 custom-designed safe for a customer who needed to protect piles of gold bars, jewelry and cash.
NEW YORK (CNNMoney) — Amid the market turmoil, sales of security safes and vaults have spiked. While some shoppers sought to protect whatever valuables they had left, others needed a place to stash their newly-acquired safe haven assets such as gold and cash.
Port Charlotte, Fla.-based Value Safes said it sold an average of $13,000 in safes a day in the past week, more than tripling its daily average of $3,500 from the previous week. On Amazon.com (AMZN, Fortune 500), SentrySafe’s $170 1.2-cubic foot combination safe was among the site’s biggest “movers and shakers” Friday, with sales rising 44% over the past 24 hours.
Maximum Security, which sells safes for jewelry, coins, guns and other valuables, said it has seen demand climb by more than 30% over the past two weeks.
“People are just plain scared,” said Nancy Bryan, owner of Santa Ana, Calif.-based Maximum Security, who noted that sales started increasing about three years ago at the onset of the recession.
“What is happening to our financial markets is the most recent addition,” she added. “Folks are worried about the decreasing value of the dollar, burglaries on the rise in their neighborhoods … and even the possibility that the unrest we are seeing in other parts of the world slipping over to our country.”
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