Weekend Briefing: Fast fashion becomes more attractive as inflation rises
Welcome to the Weekend Briefing. A roundup of fashion news, trends and themes every Sunday. Don’t forget to subscribe to the Glossy Podcast with new episodes every Wednesday and Friday and the Glossy Beauty Podcast with new episodes every Thursday. –Danny Parisi, Senior Fashion Reporter
As inflation continues to hold back spending, I have often pondered the mixed reactions between luxury customers and mass consumers.
Insights from the BoF show that handbag prices are skyrocketing. Chanel, Versace and other luxury brands have been raising prices over the past six months with little outcry from wealthy customers. No one buys Chanel just because they’re looking for a bargain.
But for some people who work hard and save so that they can buy a nice bag, even a modest price increase can make a one-time splurge impossible.
As prices rise, non-luxury brands must find ways to prove their worth to cash-strapped customers.
Shein’s newest competitor, Chinese fast fashion company Pinduoduo, launched an app in the US last week, allowing customers to shop thousands of discounted styles released weekly. It has already been downloaded over 400,000 times.
With prices rising everywhere, the appeal of fast fashion is stronger than ever, despite many ethical and environmental concerns.
But there are other ways to shop smart during a recession. Resale is cost-effective and environmentally friendly, and brands such as Telfar and Nike offer a way to stay on trend at a reasonable price.
fashion month continues
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