Luxury designers are becoming even less accessible to ordinary people due to a growing fashion trend.
According to The Conversation, luxury fashion brands saw a 5% decline in growth in 2024. While this number may seem small, the cause of the decline is concerning.
What's happening?
More affordable fast-fashion brands have caused mid-tier brands to increase prices because they want to be seen as more aspirational. In turn, high-end brands have also increased their prices to sometimes outrageous levels. For example, some Chanel bags have reached €10,000 (about $10,400). Even the prices in the secondhand market have doubled.
Dupes are another cause of the price hikes. Walmart recently released an Hermès Birkin dupe. At $80, it's proving to be extremely popular. According to The Street, it's already sold out on Amazon. Dupes make luxury brands want to separate themselves from the look-alikes and pump prices higher to encourage exclusivity.
Why is the fast-fashion trend concerning?
Luxury brands tend to be made with better materials, so they last longer. You may think that the affordable, cute top you got on the internet was great because you didn't have to spend much money on it. However, you'll be surprised to find out what you actually bought.
According to the University of Pennsylvania, "To make clothing more accessible and cheaper, the quality of the materials has gone down."
These clothes are made from much cheaper materials, including synthetic fibers such as acrylic, spandex, polyester, rayon, and nylon.
"Around two-thirds of all textiles today are made of plastic or have some plastic component," the University of Pennsylvania added. "Plastic fibers shed microplastics, and the lower quality they are, the more they will shed."
While that item of clothing seems cheap, it doesn't last long, which means it isn't a good investment.
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Cheaper clothes 🤑 The University of California explained that most items from fast-fashion companies last only 10 wears and then end up in landfills. This exacerbates the problem because it encourages more purchases.
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These clothes are also harmful to the environment. When you wash clothes from a fast-fashion company, microplastics come off them, and when the machine drains, those microplastics get dumped into rivers and oceans.
According to Green America, 35% of global microplastics come from washing machines. Once in oceans, they can stunt the growth of marine animals and make it harder for them to eat.
What's being done about the fast-fashion trend?
While breaking up with fast fashion may seem impossible, you can save money by buying higher-quality clothes — $200 or more annually.
As for those worn-out fast-fashion clothes, you can send them to companies such as Trashie to recycle. In return, Trashie will give you rewards from companies such as Chewy, Uber Eats, and Allbirds.
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