A lot has changed since the COVID-19 pandemic descended upon us and destroyed best-laid plans around the world. Even as the Biden government rolls out the $1.9 trillion American Rescue Plan following a series of federal stimulus bills, economic recovery seems a long way off. According to the United States Labor Department, there is a 5.9 percent unemployment rate in the country at the moment, with 9.5 million Americans currently out of work. While these figures have improved markedly since the record high in April last year, they still indicate that it will be a significant amount of time before the labor market can recover to pre-pandemic levels.
As economists and monetary institutions argue endlessly about whether we are presently in a recession or a depression, individuals struggle internally about whether we should live in the moment or be frugal for the future. But old habits are hard to break in a consumerist society. From cutting-edge electronics to obscure pantry items, much of our emotional satisfaction stems from the purchasing of products. In trying times such as these, many people engage in shoptimism to improve their mood and have a break from the prevalent feelings of anxiety and uncertainty. And why not? After making it through 15 months of financial distress and pandemic restrictions, we all deserve to reward ourselves.
Buy Less, Buy Better
The 21st century is all about convenience and along with fast food, fast download speeds, and fast hook-ups, we also have fast fashion. Instead of having only a couple of major collection launches each year, fast fashion retailers can produce a new collection every two weeks, encouraging consumers to subscribe to a perpetual cycle of buying and discarding as they pursue trends. Sadly, these affordable fast fashion items have a hefty hidden cost. The questionable manufacturing practices of fast fashion brands include wage exploitation, employee health abuse, and environmental pollution.
According to the US Environmental Protection Agency, 11 million tons of textiles see the landfill each year, the majority of which is clothing. With more than half of fast fashion products shelved or discarded after a few months, the carbon footprint and subsequent waste involved in the trade is staggering. In response, several trends have emerged to create a completely different fashion experience. While the consumption of luxury products is rarely framed in the light of moderation and sustainability, this decade has seen a movement towards the production of high-end fashion items as a cure to constant cheap consumption.
Shoppers are increasingly aware of socioeconomic and environmental issues and are very conscious of how they spend their money. Having less disposable income due to the financial downturn has not stopped our desire to shop but has instead prompted us to spend conscientiously. As an alternative to buying a large number of cheap clothes, consumers are now likely to purchase a few better-quality and more expensive items. These high-end products are generally manufactured to responsible standards and made of extremely durable premium materials. In addition, luxury products are also less likely to be wantonly discarded and often retain their value for years.
Secondhand Serenade
The value retention of luxury apparel and accessories is one of the factors driving the latest market in the fashion industry—resale. In 2019, the Kardashian-Jenners launched their Kardashian Kloset website, reselling a curated collection of pre-loved clothing, shoes, and handbags. In March this year, Kering—the luxury group that owns designer fashion houses Alexander McQueen and Gucci—made headlines for acquiring shares in the high-end resale platform Vestiaire Collective. According to the Financial Times, the current pre-loved luxury market is worth $24 billion and is expected to rise to over $50 billion by 2023 as the popularity of luxury resale grows dramatically by the day.
The burgeoning high-end resale market has given prolific shoppers with closets full of designer apparel and accessories an extra stream of income and a veritable investment portfolio. By now, some of you must be looking at your wardrobes and thinking, “How much is my designer bag worth?” Indeed, the luxury secondhand market is so vibrant at the moment that there are apps designed to help people authenticate and value their assets through artificial intelligence recognition. There are also platforms that assist users in listing their luxury goods for potential buyers to peruse.
It seems that millennial and Gen Z shoppers have shrugged off the social stigma around secondhand products and embraced the benefits of sustainability instead. Through resale trading and the circular economy, consumers are given access to limited-edition and vintage designer products, luxury items are given an extended lifecycle, and the environment is given a breather from the pressures of relentless production. Despite the despondency of the times, our evolution towards a more sustainable society is cause for optimism (and shoptimism). Trends come and go, but fashion lasts forever. Let us hope that the resale industry will help it last in our lives and not in our landfills.