by The world can not fast fashion.
That’s the conclusion of new research from Vestiaire Collective, the world’s leading platform for luxury-owned fashion.
More from WWD
The report claims that, apart from the dire consequences of fashion’s climate, it is a false notion that fast fashion is more affordable. As price barriers remain a significant consideration for consumers, Vestiaire has introduced a new approach to understanding the true value of fashion: the cost per wear metric.
The cost-per-use metric sets out to show the true cost of an item based on its frequency of use, its overall lifetime and its resale value. While fast fashion items may seem more financially attractive at first, the report argues that previously owned curated fashion items are a more financially sound investment in the long term.
“In today’s climate of inflation, it’s clear: People and the planet can’t afford fast fashion. We want to educate consumers about the benefits of circularity, while sounding the alarm about the terrible influence of fashion. This report is a wake-up call to combat overconsumption and overspending, fueled by the lure of low initial prices,” said Fanny Moizant, president and co-founder of Vestiaire Collective, launched in Paris in 2009 and certified by B Corp.
The March 2024 Vestiaire study, carried out in collaboration with Vaayu, reflects consumer behaviour, analyzing responses from 13,400 participants, together with data from 250,000 transactions and insights from 28 qualitative interviews across key global markets. Through this study, Vestiaire aims to change consumers’ perception of the price of a product, and encourage them to invest in financially and environmentally sustainable pieces. The report encourages fashion customers to take better care of their items due to their resale value and invest in quality, long-lasting items.
According to Moizant, the second hand industry is growing “very fast” and is a $200 billion industry that is growing at a rate of 15 to 20 percent.
Discussing what inspired this research, Moizant said, “This industry is changing a lot. Fifteen years ago what we saw was a huge waste that created something quite new, which was too exhausting. We were seeing our peers eating more and more … consumption was going through the roof and the number of times people were wearing their clothes was going down.”
She said that was the creation of Vestiaire. “At the time we weren’t even talking about sustainability, but we saw a huge waste,” she said. She said they believed in durability, longevity and craftsmanship and what should stand in fashion.
She said Vestiaire did the study “to make people understand the real cost of fashion and the real bad cost of fast fashion.”
“Costs are hidden behind a quick way over the shiny price tags you see in stores,” continued Moizant. Three years ago, Vestiaire, which focuses on designer, premium and high-end brands, decided to take a stand against fast fashion and banned fast fashion brands such as Asos, Shein, Burton, Fashion Nova, Pretty Little Thing, Missguided, Topman. , TopShop, Zara and Gap from its site, as reported. He launched the ban campaign in November 2022 (33 brands banned), he had another wave last November (30 brands banned) and another one is coming this fall.
When asked if she felt compelled to tackle fast fashion to develop Vestiaire, she said: “For us, the model introduced overconsumption.”
Is she trying to get rid of fast fashion?
“I would honestly love to. I would love for those companies to no longer exist. And for consumers to be more aware,” said Moizant. She said that 40 percent of the orders on Vestiaire are under 100 euros. And these are brands that are not fast fashion. The average basket is around 350 euros.
The circular report, titled “Uncovering the True Cost of Fast Fashion,” reveals the environmental and social impact of businesses. He points out that 60 percent of fast-fashion items end up in landfills within a year of purchase. And 92 million tons of textiles are thrown away every year. “It’s an environmental and social disaster,” she said.
The report claims the high demand for luxury pre-owned shows no signs of slowing, with Vestiaire Collective seeing revenue growth of 25 percent in 2023, compared to a 4 percent increase in the luxury industry. It also found that one in three shoppers use Vestiaire Collective to find unique, hard-to-find items, with nearly a quarter of a million vintage searches in 2023, up 40 percent from the previous year.
According to Vestiaire, the main priority of the fight is fast fashion. In 2023, Vestiaire worked with a team of industry experts to define fast fashion for the first time with a set of five main criteria (very low prices, strong forward intensity, fast collection renewal rate, extremely wide product range and record setting speed .to the market). “When you have an enemy, you should be able to define them,” Moizant said.
The report noted that after the ban on fast fashion, consumers failed to quit their platform. Instead they changed their habits and moved to more premium brands. The research found that 92 percent of influenced buyers stayed with Vestiaire, and 88 percent of influenced sellers stayed with Vestiaire.
The report said fast fashion is not a niche corner of the market. Seven out of 10 clothes sold in France come from fast fashion brands, “it’s the main mode of consumption”. Vestiaire believes in buying higher quality pre-loved pieces that use better fabrics in more flattering cuts. “And while they may not be as mind-blowingly cheap, they are more cost-effective in the long run, with a longer lifespan and a lower cost per wear,” according to the report.
The study also claims that shopping on Vestiaire is 35 percent cheaper in the long term than buying new fast fashion products.
Key claims in the report comparing Vestiaire to fast fashion include:
-
When looking at comparable price ranges, pre-loved fashion coats are said to be worn an average of four times more compared to new fast fashion coats (wear 28 hours). The result is a cost per wear of $1.72 versus $4.82 for new fast fashion coats.
-
Pre-loved fashion dresses are said to be worn eight times more on average compared to new fast fashion dresses (worn nine times). This results in a cost per wear of $1.56 versus $5.66 for new fast-fashion dresses.
-
Pre-loved designer bags have a 72 percent lower cost per wear because the resale value is more significant, resulting in a cost per wear of $2.56 versus $9.05 for new fashion items.
-
Across all categories and price points, pre-owned curated fashion pieces offer about 33 percent lower cost per wear compared to fast fashion items, which are worn more than twice as much on average.
-
Pre-loved fashion consumers hold on to their items 31 percent longer than average, and the gap is higher in the shoe categories (+48 percent) compared to average.
-
Regardless of the circumstances, the cost per wear is consistently lower when purchasing pre-owned items. According to the study, this is especially true for seasonal and casual items like coats and dresses.
“Affordable fast fashion is a false economy. Buying cheap fast fashion is tempting because you end up repurchasing items over and over again. We support recycling because it not only benefits consumers’ wallets, but also protects our planet. Pre-loved luxury items are more cost-effective over time with a longer lifespan. Our mantra, ‘Think First, Buy Second’ makes more sense than ever before,” said Dounia Wone, Vestiaire Collective’s chief influence officer.
When asked what Moizant hopes consumers will take away from the report, she said, “Fast fashion is no longer an option for them. They have to think about the planet, and think about their own wallets. We hope that this study will make them much more sensitive to their own wallets and will think wisely and carefully when they buy their next item,” she said.
To mark the launch of the report, Vestiaire has unveiled the next installment of its “Think First, Buy Second” campaign, featuring a series of videos, testimonials and memes, which will appear on social media channels starting Monday. Five months after the initial launch – which went viral on Instagram – this campaign will demonstrate the cost-to-spend approach and challenge attitudes to break the illusion of a fast and affordable way, encouraging conscious consumption to personal finance and the protect environment.
The best of WWD
