“I used to buy clothes very often but just don’t have the excess money anymore.”
The cost-of-living crisis is affecting all of us. Energy prices are reaching new heights, food is expensive and we have to be frugal to make ends meet. We are buying less, which extends to fashion. Our relationship with fashion is changing, and the fashion industry is taking a hit. Furthermore, style trends are changing to reflect the new attitude about buying clothes.
Online fast fashion retailer, Boohoo, reported a 10% fall in revenue in the half-year to August 31st 2022. The company’s market value has fallen 87% this year, and many other retailers are reporting the same. Consumers cannot keep up with inflating prices, causing companies to lose profits.
“More recently I find myself only buying from charity shops.”
This is known as stagflation, a portmanteau of “stagnation” and “inflation”. Santander describes it as “a combination of high inflation and economic stagnation. Inflation drives prices up but purchasing power is down.”
Young people, who have a lot of spending power when it comes to high street fashion retailers, are some of the people affected most by the economic crisis. I spoke to some young adults about their relationship with buying fashion and whether they’ve been drawn to different fashion trends as a result of the cost-of-living crisis.
Evie, 20, told me “more recently I find myself only buying from charity shops.”
“I think the styles I’m into right now reflect the change, dark wash jeans and knit jumpers.”
Juliette, also 20, felt the same, saying “I’m not shopping as much as I used to, now I only shop for groceries and uni supplies as I’m worried how much my electricity bills will be in the winter.” Those who would be consumers of high street fashion, buying into current trends, have opted out of the trend cycle in favour of the most affordable option.
“I’ve been really surprised at how much it’s affected me,” said Lucie, 21. “I used to buy clothes very often but just don’t have the excess money any more. My ‘shopping treats’ now are almost completely charity shop items.”
Lucie said her style has changed too. “I think the styles I’m into right now sort of reflect the change, dark wash jeans and knit jumpers.”
Dark colours and knitwear, while always trendy in the winter months, may reflect the way we feel about the cost-of-living crisis. Most of us will be layering up to fight the cold that we can’t afford to stave off and we feel pessimistic about the future which reflects through dark colours.
To get the ‘Charity shop Chic’ look, ransack your local Oxfam for thick knitwear and winter coats in appropriately depressing, dark colours.
The public’s lack of disposable income will change the fashion industry’s marketing strategy, as it’ll take much more for us to part with our money. A focus on sustainable, second-hand fashion can already be seen through eBay’s partnership with Love Island this summer, a departure from their usual partnerships with fast fashion brands.
Feature photo by Fernande De Canne on Unsplash