Will Fashion Survive the Cost of Living?

Let me tell you, I've had a serious love-hate relationship with fashion over the years. Back in 2018, I would spend without thinking twice - that perfect leather jacket? Mine. Those designer shoes? Had to have them. But when the economic squeeze really started to hit around 2022, my priorities shifted dramatically.

I remember standing in my wardrobe one morning, surrounded by clothes I barely wore, while simultaneously dreading checking my bank account. Talk about a wake-up call! The relationship between fashion and our financial reality has never been more complicated than it is today.

The truth is, fashion isn't disappearing - it's evolving. And I've watched this evolution firsthand as both a consumer and someone who's worked adjacent to the industry for years.

What I've noticed is that people aren't necessarily buying less fashion - they're buying differently. Fast fashion giants like Primark and ASOS have seen fluctuating profits, but secondhand platforms like Vinted and Depop are absolutely booming. According to recent market research, the UK secondhand market is projected to grow by 67% by 2026. That's massive growth!

I've personally become a convert to the "buy less, buy better" philosophy. Instead of ten cheap tops that fall apart after three washes, I now save up for one quality piece that'll last years. It wasn't an easy transition, I tell you.

My mate Emma laughed at me when I said I was tracking cost-per-wear on a spreadsheet. But honestly? It's changed how I view my wardrobe. That £150 wool coat I hesitated to buy has been worn 87 times over two winters - that's about £1.70 per wear and dropping. Meanwhile, that trendy £25 top I bought on impulse? Wore it twice. Proper waste of money, that.

Fashion retailers are catching on too. Many British high street brands have introduced repair services or buyback programs. Marks & Spencer's "Shwopping" initiative has been brilliant, and even luxury brands like Mulberry offer lifetime repair services now.

What's been really interesting to watch is how the definition of "fashion" itself is changing. Status symbols aren't what they used to be. Among younger Brits especially, flaunting luxury logos isn't necessarily cool anymore. Instead, there's this growing appreciation for uniqueness, sustainability, and personal style.

I still cringe remembering how I used to judge my wardrobe choices solely on what was "in" that season. Now I ask myself different questions: Will this last? Do I truly love it? Does it work with what I already own?

The fashion industry has had to adapt fast. We're seeing more capsule collections, more emphasis on versatility, and more transparency about manufacturing processes. Brands that refuse to acknowledge the economic realities their customers face in this cost of living crisis are struggling.

I've found that the most satisfying fashion purchases I've made in recent years have been from small, independent British designers who focus on quality and ethical production. Yes, they cost more upfront, but the pieces have stories behind them that mass-produced items just don't.

So will fashion survive the cost of living crisis? Absolutely. But it probably won't look quite the same on the other side. And from where I'm standing, that might not be such a bad thing. Perhaps we needed this reset to rediscover what fashion is really about - self-expression, creativity, and craftsmanship - rather than mindless consumption.