Fast fashion is actually more expensive if you girl-math it
The actual cost per wear of fast fashion items ends up being more expensive than a luxury pre-loved item.
Lately, fast fashion has really been in the spotlight, and it looks like the European Union is gearing up to tackle the issue head-on.
The French parliament recently gave the green light to a law that bans fast fashion ads across France, as part of a broader push to lessen the environmental damage caused by the industry. This bill, which got a unanimous thumbs up, also plans to slap fines on budget-friendly clothing to reflect their true environmental toll. Christophe Béchu, the Minister of Ecological Transition, shared on X, "A big step has been taken to reduce the environmental footprint of the textile sector." He’s also called ultra-fast fashion "an ecological disaster: clothes are poorly made, widely bought, rarely worn, and quickly discarded." This new rule aims to dial down fast fashion advertising significantly, hoping to cut down sales in a country known as the cradle of luxury fashion.
This ban is going to stretch to social media and influencers, which might kick up some fuss, especially among TikTok users who love posting their latest Shein or Zara hauls. The legislation particularly points out Shein, noting, "Shein offers 900 times more products than a traditional French brand," and emphasizes its rapid output of over 7,200 new clothing models every day. With its massive inventory, Shein manages to pull in customers from all over, leveraging huge economies of scale and rock-bottom prices. Globally, we're talking about over 100 billion clothing items sold each year. In France, ADEME (the French Environment and Energy Management Agency) notes that clothing sales have jumped by a billion in the last decade, hitting 3.3 billion items or over 48 per person. The textile and clothing industry is a major polluter too, accounting for about 10% of worldwide greenhouse gas emissions, which is even more than all the emissions from planes and ships combined, according to the United Nations Environment Program (UNEP).
So, the European Parliament (EP) steps in, kind of like the big brother to all national parliaments in Europe, laying down the law for the entire EU. What they've rolled out is pretty straightforward: every home gets the right to repair their stuff, and every manufacturer has to ensure their products are high-quality and fixable, textiles included. They've introduced something called the "Ecodesign Regulation," which is an upgrade from an old directive. This new rule aims to slow down fast fashion by implementing 'sustainable by design' standards and introducing a digital product passport to keep traders and consumers in the loop. Everything from steel to furniture, tires, chemicals, and textiles will have to meet specific sustainability standards for most products sold in the EU. Plus, producers and retailers will need to start reporting any destruction of unsold goods, especially clothing and footwear, starting two years after this law kicks in. I’m sure you have heard before that the textile daily waste is enough to fill 1 Eiffel Tower every day or 1 Buckingham palace every day or 1 Empire State Building everyday, which adds up to 92M tons of textile every year, going to waste. If you think that's the EU's knockout punch against fast fashion, just wait until you hear what Vestiaire Collective has been up to.
Vestiaire Collective, a major player in the second-hand luxury market game, was the first to say no to fast fashion sellers about two years ago—a gutsy move for a company that makes its money from sales commissions. Just a few days back, Vestiaire released an internal study proving something pretty interesting: fast fashion is actually pricier than second-hand luxury in the long run. Their report uses a 'cost-per-wear' metric to show that pre-loved items are not only about 33% cheaper over time but also get worn more and last longer than fast fashion pieces. Cost per wear is calculated as Item Price divided by Number of wears, as simple as that and it was based on a consumer survey with 13.4K consumers' responses across 5 different countries, US, UK, France, Italy and Germany. According to the survey responses the average consumer wears their pre-loved pieces more than twice as much as fast fashion shoppers wear theirs. The average pre-loved item is worn 88 times, which is +76% more than the average fast fashion item. This is especially true for product categories like dresses or jackets, where the numbers paint an even starker picture.
Maybe it’s not clear yet, but what Vestiaire discovered by conducting this research was that fast fashion items are worn less on average, kept for less time, and have a lower resale value. Shopping preloved is 33% more affordable in the long term than buying brand-new fast fashion products. Meaning that if you make 100K per month by buying preloved luxury instead of fast fashion has the potential to save you 33K per year. Not bad if you ask me!
This report also dives into consumer habits, noting a drop in impulse buys among Vestiaire Collective shoppers compared to the typical fast fashion crowd. It underscores a shift towards more thoughtful consumption and the rising appeal of luxury resale as a planet-friendly fashion choice. Essentially, the report is pushing for a move from a throwaway fashion culture to a more sustainable, circular one, stressing the benefits for people, the planet, and our wallets. The bottom line? Europe is seriously clamping down on fast fashion, and it looks like they're pulling out all the stops in this fight.
Really great insights!