The UK has been hit by a harsh cost of living crisis, as food, fuel, and even McDonalds’ 99p burgers have gone up in price. The Consumer Prices Index has risen by 7%, as stagflation may be set to return. The fashion industry has undoubtedly been hit by this, as consumers are having to change their spending habits.
Big retailers have revealed the reality of the crisis on their businesses. Boohoo reported a 94% year-on-year fall in its pre-tax profits in the year to March 2022. Falling demand and rising costs have been the cause of this, and the closing down of many high street shops is also evidence of the detrimental effect of the economic crisis.
Recently, the EY Future Consumer Index showed that two thirds of the people they surveyed don’t feel the need to keep up with trends, which also explains the gradual decline of fast fashion, and the rise of sustainable ‘pre-loved’ fashion. The survey also found that 33% of consumers are trying new brands, and 21% are switching to private label or own brands.
Alongside this, eBay’s ‘Shop for Change’ report revealed that over half of UK shoppers feel guilty when they don’t buy from ethical brands, with 60% of the 2,000 consumers surveyed saying that cost is the factor they care about most when shopping.
Love Island’s collaboration with eBay has also helped to increase the demand for pre-loved clothing amidst the cost of living crisis. The show replaced their partnerships with I Saw it First and Missguided for eBay, and eBay reported a 700% increase in searches for ‘pre-loved fashion’ after their styles were seen on the show. As the economic situation around us changes, it is clear that businesses and consumers in the fashion industry are adapting as much as they can, and using every outlet they can to do so.
You can read more of Amrit’s work at amritvirdi.journoportfolio.com , and @thevinylwriter on Instagram