How Inflation is Changing the Way We Shop: A Shift Towards Quality and Durability
The New Math of Fashion: Cost-Per-Wear Calculations
For Jake Welch, getting dressed is one big math problem. As a brand director for an advertising firm, he calculates the cost-per-wear of his wardrobe by highlighting 200 items in a spreadsheet, listing the price he paid for each item and how many times he’s worn it. He updates the spreadsheet every night on his computer to determine whether his purchases were worth it — or not.
Retailers Take Note
Lots of people thought Welch was weird when he started doing this 12 years ago, opting to ditch the cheapest items on the sales rack in favor of maximizing the value of his purchases over the span of their lifecycles. But with inflation still a nagging problem, more shoppers are coming around to his way of thinking. Retailers are taking note, shifting their marketing strategy in some cases to focus on durability and versatility.
Cost-Per-Wear is on the Rise
Gap’s Old Navy is offering shoppers a full refund for uniforms purchased during the upcoming back-to-school season if the clothes don’t hold up for a year. Retailers like Kohl’s and online shirt retailer Untuckit have recently revamped their marketing campaigns to focus on durability and versatility. American Eagle is touting the "longevity of your most-loved jeans" made of recycled cotton and polyester in an email campaign to customers. According to Christie Raymond, Kohl’s chief marketing officer, "Cost-per-wear is another way that they think about how to combat some of the inflation. Is this item going to last? Is it going to be versatile?"
The Eco-Friendly Factor
Some shoppers are also looking to be more eco-friendly by buying clothes that don’t end up in a landfill after being worn a few times. However, the cost-per-wear calculation may only make sense for those consumers who can afford to prioritize quality and versatility over price. Neil Saunders, managing director of GlobalData Retail, notes that shoppers with tighter budgets will look at price and may not care whether something will last just as long as it looks good for now.
A Shift in Consumer Behavior
Indeed, fast-fashion purveyors are still faring well in the face of inflation. Chinese e-commerce retailer Temu, known for deep discounts and coupons, has continued its meteoric rise in the U.S., adding nearly 10 million new daily users since the turn of the year. Meanwhile, Shein, the ultra-low-price, fast-fashion juggernaut founded in China, has been increasing its daily users from 3.1 million to 4.9 million daily users over the past year, according to GWS.
The Growing Backlash Against Fast Fashion
However, there’s a growing backlash to the cheap stuff. Rohan Deuskar, founder and CEO of Stylitics, a retail technology firm that powers personalized styling, outfitting, and bundling suggestions for 150 retailers online, notes that shoppers are being more considerate about every purchase and willing to spend only if they get value. "Shoppers are being more considerate about every purchase and being willing to spend only if they get value — and that no longer just means cheap," Deuskar said.
Conclusion
As retailers adapt to the changing consumer landscape, it’s clear that the way we shop is evolving. With cost-per-wear calculations becoming a staple in the industry, consumers are prioritizing quality and durability over affordability. While this may present a challenge for those who can’t afford to invest in higher-priced items, it’s a shift that’s likely to benefit those who value sustainability and longevity in their wardrobe choices.
Frequently Asked Questions
Q: What is cost-per-wear?
A: Cost-per-wear is a calculation that takes into account the price paid for an item and how many times it’s been worn.
Q: Why is cost-per-wear becoming a popular trend?
A: With inflation still a nagging problem, more shoppers are looking for ways to maximize the value of their purchases over the span of their lifecycles.
Q: Who is promoting cost-per-wear?
A: Retailers like Gap, Kohl’s, and Untuckit are shifting their marketing strategy to focus on durability and versatility, highlighting the cost-per-wear of their products.
Q: What’s the eco-friendly factor in all of this?
A: Some shoppers are looking to be more eco-friendly by buying clothes that don’t end up in a landfill after being worn a few times.
