FASHION for thought.
I heart the New York Times. Their news, their magazine, and well, their fashion coverage. And while yes, coverage from runway shows is all fabulous and glamorous, truly it's their behind-the-scenes looks into the industry that totally get me. Especially during a time like now, when the economy, well, sucks, and things like fashion seem frivolous and unaffordable. Even more especially when movies like Sex and the City come out - movies that make us (or is it just me?) want to buy, buy, buy. But a closer look at my wallet and bank account make me realize that all I should be doing is save, save, save. Through all this I start to contemplate - how is the industry still thriving and putting on outlandish shows every season, and in-between seasons, and still coming out ahead, alive? Or are they even taking a hit? Perhaps it's our own wallets, not designers and retailers, that are crying silent tears.
Relieved, in an article published last week, the NY Times broke it down for me. And crazily enough, over the past ten years, luxury goods, in general, have nearly DOUBLED in price. Their first example, the Louis Vuitton Monogram Canvas Speedy 30 - now priced at $685, in 1998, was in the $300-range. Luxury shoes used to be in that range, too, but now, $300 for a nice pair of leather pumps seems more like a steal! No wonder the fashion industry is still thriving. Even taking inflation into account, these prices are higher and more extreme than ever. Profits, I presume, are following suit.
But wait! Don't get discouraged! Here is the fantastic news. Amidst all the increases prices in gas, food, drinks, designer fashion and shoes, mainstream fashion is actually being priced more reasonably, as in, cheaper than it was ten years ago:
"Today, shoppers pay the same price for a basic Brooks Brothers men’s suit, $598, as they did in 1998. The suggested retail price of a pair of Levi’s 501 jeans, $46, is about $4 less than it was a decade ago. A three-pack of Calvin Klein men’s briefs costs $21.50, only $3.50 more than in 1998. ... Even some items that may seem more expensive today, like a $75 Ralph Lauren polo shirt (which cost $62.50 in 1998), are really not, because their prices have risen more slowly than inflation."
So what does this mean? Well, the rest of us who aren't exactly in the market to purchase designer clothes (even when they are marked down to varying degrees for all the sales right now) are in luck! We can afford $9 dresses from Steve & Barry's or even the designer lines from Target. Even if we do want to splurge on something we don't typically buy, there are sites now like LabelSpree and HauteLook that make higher-end and designer clothing relatively more affordable.
While we may not be on the waiting lists for Carrie's SATC movie shoes, we can be in line at Steve Madden buying the knock-offs. ...And still afford dinner and drinks after the spree!
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