The European Commission estimates that the average European throws away a whopping 24 pounds of clothing a year.
These fashion price points demonstrate why:
The Cost of Fast Fashion
Because the average price of a new dress from Shein was an astonishingly cheap $15.74 during March 2022, we have the incentive to discard and replace it. Although the environmental impact is massive, supply and demand remedies are unlikely.
Supply
Articulated by the EU, the supply side should base production on re-usable materials that ultimately would be recycled:
And yet, a reality check reminds us that, even after the collapse in Bangladesh of Rana Plaza ten years ago, fast fashion firms refuse to increase spending. It took years for local manufacturers to agree on wage hikes that meant multinationals would spend more.
Demand
On the demand side, sustainability would have to become much more compelling than indicated below. As you can see, only the most passionate environmental advocates select sustainability over ultracheap:
We can wonder if there is any way to bridge the vast gap between fast fashion incentives and sustainability.
Our Bottom Line: Cost
Defined economically as sacrifice, one cost of fast fashion is its carbon footprint. During 2018, clothing added substantially to global carbon emissions:
Reflecting the past, this forecast for the future displays the dominance of upstream (land, labor, capital) production as an emissions creator:
Concluding, we can return to the fast fashion formula. Fast fashion brought higher incomes to factory workers in developing nations like Bangladesh. Ultracheap, it also makes customers feel wealthier.
So, recognizing its allure, we might remember Odysseus. Sailing past the Sirens, he could only resist them if his crew tied him to the mast.
So too with fast fashion.
My sources and more: During 2021 the EU took a look at fast fashion and now, in its long read, FT told us more about sustainable fashion. From there, for a dose of reality, I looked for price points and the shopper’s reaction.
