Answer: 60%

Questions:

• Why do you think that young people are purchasing more clothing but keeping it for only half as long? 
• What impact do you think that social media has had on this trend? 
• How would you describe how your shopping habits when it comes to clothing? 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Business of Fashion)

This trend is partly driven by the young generation’s hunger for newness, while embracing sustainability. Research shows that  the average person today buys 60 percent more items of clothing than they did 15 years ago. But consumers keep that clothing for only half as long as they used to. For example, a survey done in Britain found that one in three young women consider clothes “old” after wearing them once or twice. One in seven consider it a fashion faux-pas to be photographed in an outfit twice. Simply put, young people today crave newness, and these cohorts are much more likely to embrace churn in their wardrobes. At the same time younger generations are more interested in sustainable clothing than older consumers. Rental, resale and refurbishment models lengthen the product lifecycle while offering the newness consumers desire.

-------------

For more ideas on budgeting activities and projects, be sure to check out the Budgeting Unit Page. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.