Saturday, April 14, 2012

Clothes as an investment???

I was thinking about it it the last few days...

Can we say that our clothes are an investment? What do we mean? Of course, with very few exceptions,  we don't really expect that our frocks will actually appreciate in value. Rather, we think that we are 'buying quality', therefore implying that we will wear it longer and thus reduce the cost-per-wear. Sometimes we just mean that the love-per-wear is going to be greater.



Does it really work like that? Would more expensive item be more likely to survive the test of time? When I look into my closet, it is not necessarily the truth.  What survived longer is a mix of expensive and cheap and the fact that something expensive survived does not mean that it was actually worn many times, I am just less likely to chuck it.

From my experience, the more expensive items are not necessarily better made. And generally, I am much more likely to get bored with the item (cheap or expensive) before it wears out anyway.

So what do we pay for? Let's look at some examples:

Emerson Fry skirt (reviewed HERE) :

What did I pay for, when I could probably get a similar skirt for about 20% of the price?

  • feeling that I am supporting something good, American made, independent designer, wholesome style
  • better fabrics and presumed quality
  • believing in timelessness and trend defying
  • feeling that I am getting exactly what I want and being more satisfied because of that
  • girl crush!

Whether this is worth some $150 extra, is another question.
(Btw, the hook closure at the waist came off after the first wear)

DVF dress (reviewed HERE)
Why would I think this is worth about 3 times what I would normally consider paying for the dress?

  • it was a splurge and I knew it. No way I can really rationally justify it.
  • perfect fit 
  • better fabric
  • timelessness and trend defying
  • feeling that I am getting exactly what I want and being more satisfied because of that
  • resale value, just in case
  • OK. Label.

Was it worth the extra $200?

***

What really made me think of cost-per-wear was Project 333.

I realized this is just a simple math. There is no enough days in a year to wear all my clothes enough times to make them an alleged 'smart investment'!

How much money do you feel comfortable spending on clothes every month?
$100? $500? $1000?
I am spending more that I consider reasonable.
And I would really like to be around say $200-$300, maximum.

so let's try to do the math
Everyday, we wear on the average about 5 pieces of clothing. Skirt, shirt, sweater, shoes and purse. In the winter add coat and scarf, in the summer it may be less, say dress, shoes and purse. I am not counting jewelry or belts. I think 5 is conservative in my climate.  In the month this will come to 30x5=150 instances of wearing an item.  So if your cost per wear is about $1, your monthly cast would be about $150 dollars, but if your cpw averages $3, you will be closer to $500.

To stick with my desired monthly numbers, I should have no more than $2 cpw. OK, I can probably do it with coats. I use 3 wool coats and a puffer for extra cold days in the winter.  There is at least 180 of winter coat wearing weather in NJ (Oct to March). Each coat will get about 50 wears in the year, 150 wears in just 3 years and since my coats average about $175, I would be close to $1 cpw, especially that I would hope to wear them longer than 3 years. I think it would also apply to my boots, purses and jeans.I just don't own that many and I wear them a lot.

But let's take for example my J.Crew wool pencil skirts:
Again, we have about 180 days in a year to wear them. Of course I am not always in pencil skirts, I may be wearing them about 3 times per week. In 26 weeks  it would be about 80 'pencil skirt days'. Let's assume life span of  5 years and the average cost of about $80.  5x80=400 days and each skirt would have to be worn 40 times to come to $2 cpw.  If I had 10 pencil skirts I would be OK. With 20 in active rotation, I am at $4.  It is much worse with pants and dresses and things like bathing suits, better with t-shirts and sweaters but I think my average cpw per item is really closer to $3-$4 and  $500-$600 monthly.

The reason it works like that, is not that I spent too much money on individual items, or that the quality is bad, so they don't last long enough to get the cpw down. The reason my cpw is high, is because I simply have too many items.

What would happen if I had about 100 pieces of clothing in total, which would probably be close to Project 333 idea, implemented  in temperature climate? Let's do the math:

356 days x 5 = 1780 (~ 1800)
1800 /100 = 18 time to wear each piece
18x5 (life span) = 90 wears

If my average item costs is $200, I would still be in a good shape with cpw around $2. This is pretty high cost for an average item. If the average item is $90 then you'd be close to $1 cpw and $150 monthly, very reasonable monthly cost.

But if I have about 300 items (I do!), then just because of that,  we are talking only 6 times a year or 30 times in 5 years and $3 cpw on $90 item, almost $500 monthly. Again!

If I wanted to feel better about my cost-per-month I have following choices:
  1. buy deep sale to reduce the cost per item  (not very attractive alternative) 
  2. increase life span of an item ( but I am getting bored easily) 
  3. embrace $500+ per month and stop kidding myself (shrug and say: 'some people spend more on cigarettes so wth')
  4. reduce the number of items in rotation (yes!)

I am leaning towards option number 4. I don't want to think that option number 3 is the only viable alternative.

****

Did I lose you with my crazy math? Made logical errors?

Of course, I am not saying it always works the same for every item. As you may know, if you read this blog, I am all for items that provide 'joy per wear' (like Emerson Skirt) and 'memories per wear' (like DVF dress). But we also have those $10 t-shirts that we wore 100 times. So I am thinking, somewhere, at some point, the averages have to work as well. Right?

What do you think?
Please share, it would be no fun without you!!!

21 comments:

  1. I think it's such a lottery, you never really know what's going to be the piece that you get wear after wear from. One of my most unplanned purchases, a too big parka bought in Nice in June on sale one year has been worn for months at a time for about 8 years now, it's been my best buy ever. And I have a pair of fancy shoes that I bought last year which are still unworn, lesson - focus on everyday wearable clothes.
    The buying monthly thing is completely new to me, I think the evil J Crew catalogue drives up that way of thinking as normal! I don't know anyone who would even think about buying clothes every single month, it's definitely an American mindset, In Europe women generally shop differently, it's just not as much of a hobby here.

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  2. PS For me there is no such thing as "simple maths" you're too clever for me!

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  3. Interesting post!! I have never counted all of my clothing (i am not including shoes here!) and i was intrigued. I am at about 200. I tend to agree that coats are the best investment, especially in a cold climate like mine. Tshirts also make my cut, as do jeans. I don't own many pair of jeans (3 in total) and I wear the heck out of them, so I don't ever feel guilty about them. But then the rest... sigh.... I have this great book called "I have nothing to wear" and it says that everything in your closet should be spectacular in your opinion, and that if you keep by-passing it, that is a sign of a problem. However, I think having too much clothing has the same impact. You could have 400 spectacular items that fit you like a t, but you have too much to manage. The last two months I have spent considerably more than my budget as I "refreshed" my wardrobe, and i am also trying to get rid of some items that just don't work for me or that I can't justify keeping....

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  4. I love this post even though I am not great with the maths, I do get you! I have been thinking about this all week, especially as I have been writing up my "Frock Philosophy" chapters. My conclusion I have come to is that I need to lead myself towards your #2, as in Stop Getting Bored So Easily! Tabs is right it is the evil JCrew monthly roll-out and the consumer cycle here in North America, we are encouraged to always buy buy buy.
    I'd like to focus on keeping my things around for a long time, that has always been my intention, I've been tweaking my mistakes for 2 years however. How about stopping the constant obsessing about it and buying a few things for each season, so that would be 4 times a year, and not shopping in between those times? It's great to purge but what I have done is purge and splurge, getting rid of things only to then get more! Aaargh!
    So that's my plan, stop being so bored. I don't plan to purge anymore and I would like to approach my few things each season with more thoughtfulness, whether they are expensive or on sale it shouldn't matter (except for my bank balance of course) what should matter is that I've looked at "Fall" for example and decided I need brown boots, a red skirt and pearl earrings: get it, add it, wear it and be done with it!
    Sorry for the long comment but I've just written a FrockPhil chapter on this (the title is Three Things).
    What about you, if you decrease your items in rotation will you just be tempted to replace them with more things?

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  5. I am dizzy ;-). I am with you in that I don't believe in timeless pieces except maybe for a coat. Not only styles change but there is a variable called weigth or change of size. A few years ago, when I was still living in France I splurged on a Paul Ka black skirt thinking that I would wear ir for years to come. Guess what? The skirt was maybe a timeless piece but I can't get it on anymore (and I am not that bigger than I was but my body changed). So I think that it is better to buy things that you can wear now or a season ahead.
    Also there are pieces that one needs to have but that don't get much wear by definition, like an occasion dress or a suit. Because of the limited wear these are the pieces that are meant to last longer so I think that it is particularly important to splurge on nice fabrics or a fancy designer. This is a bit paradoxical if we apply the cost per wear reasoning because it means that the most expensive items are also those that don't get worn enough. On the other end of the spectrum there are those dirty cheap items that end up getting a lot of wear. To speak in terms of what an item is really worth I think the theory should take the original price of an item, not what you end up paying.
    Anyway as Tabitha said, I am not clearvoyant enough to see what I will wear most, with a few exceptions like jeans or a puffer coat that become everyday staples. Ser, I am not a rational buyer.

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  6. wow what a great post. first off i'm shocked that the emerson skirt closure came off. see, that should not happen on a garment of that price and supposed quality. i have things from forever 21 that will never fall apart b/c they are sewn so well. which is shocking to me. anyway, the older i get the less i'm concerned with labels. don't get me wrong b/c when i'm in a thriftshop and find a "label" i'm pretty dang excited. but of course it will only cost me $3 or so. too many choices bring me too much stress, it has taken me many years to figure this out. i am happier and more content with a small wardrobe, i just am and i don't know why. and i prob never will know. have a wonderful weekend! xo janet

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  7. This is the most frightening thing I have read on a long time. it's funny, because I'm always the one who helps people quit smoking by making them add up the after-tax cost, i.e., how long would you have to work to earn what it costs you? Putting that analysis together with yours makes me need to lie down (but not in ridiculously overpriced pajamas).

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  8. The idea of investment dressing was shot for me years ago when I bought an expensive white silk shirt (back when silk shirts were good quality crepe de chine and not the flimsy broadcloth they pass off now) my first year out of college. Within a year, the poor shirt was yellowed from the dry cleaners and bedraggled. That said, I love the book, Nothing to Wear and think there's value in buying things you love and wearing them over and over. As others have said, it's tough to recognize what those pieces will be when you buy them. For the past two years, I've written down what I wore every single day and charted what was most worn at the end of the season. I'm always shocked by the results. The other problem with the NTW philosophy is that for those of us with definite tastes who live in third tier shopping cities, you so seldom find something you truly love. And you almost forget what it's like to really love vs. just like something. I've tried to return to the way my mother taught me to shop as a child/teenager: drive to the big city an hour away and buy two or three head to toe new outfits twice a year. Mom always emphasized getting things that were a little intimidating in terms of style because they would feel new to me and memorable. It puts a lot of pressure on one shopping trip, but it's sort of a relief to know in Sept. and April that I'm pretty much finished except for some fillers here and there.

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  9. Great post, and I love your calculations. I've never thought of clothing in terms of an "investment"-which should increase with value over time. However, how I feel that ROI is based on how I feel in certain items. I feel my best in nice, well made clothes which often don't fit my lifestyle. I sometimes buy clothing in this category anyway and enjoy wearing them as often as possible. Easily my lowest CPW items are jeans, Target tees and cardigans-my M-F uniform. The only real "investment items I have for day-to-day life are my handbag ($400 3 years ago, and worn every day except on trips), shoes ($200 on average) and my Michele watch (purchased 9 years ago and worn daily).

    Clothing can be very emotional so it is easy to get caught up in the "HTH" world of frequent shopping. My business is to help women know what they own, learn what works best for them and keep them focused on adding in items that mix and match, and getting rid of what doesn't work. I also encourage them to take risks and try things outside of their normal style - which for all of us changes in varying degrees over time. We basically strive for #2 on your list.

    I've found that the fewer items I have the more options I can create because everything I do have works for me.

    On a side note, I am floored that the closure on your Emmerson skirt came off. I hope you let them know.

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  10. Interesting post. Your math doesn't work for me though, I change out of my work clothes as soon as I get home because I'm usually out with the dog, in the garden, cooking or enjoying my messy hobby so I wear two outfits a day and if I go out in the evening then usually three. It definitely adds up to more than 5 items/day. I think $2 cpw is incredibly low, how long do I have to live to get that from some items?! LOL I've never really thought of a number though, just that I'd like to wear most things many times.

    I do view some items as an investment of sorts, but not that they will be worth more in time. I'm building my professional wardrobe and I expect to wear certain things for years, basic things like classic suiting/separates, colorful scarves and quality shoes. My style is probably boring to most people because it's very basic but I expect my work clothes to make me look professional and serious - that is all - and I do not want to even think about what I'm wearing during the work day it just better perform as expected. I don't follow trends or read fashion mags and that may be partly why I don't get bored easily, I still like the same basic shapes, styles and colors that I have favored for years. With the exception of shoes I usually don't get too excited over clothes, I'm more analytical about them as you can probably tell from my review posts when I am going on about the fabric or construction. I'm not saying that I've never made an emotional purchase, bought something impractical, gushed over the color of a new pencil skirt, etc., etc., I'm just talking about my attitude in general. Certainly not everything could be an investment and there will always be those duds we thought we'd wear forever and don't, no one has a crystal ball.

    As for whether more expensive clothes are better-made, that's just simply not true. For exampe, Joe Fresh quality kicks J.Crew's @ss for a fraction of the price. In my experience, which I'll admit is somewhat limited compared to you and the other more worldly bloggers out there, certain brands are consistently better quality than others and if they fit your style and you can afford them that's great. I plan my wardrobe and edit twice a year. Often when I am getting rid of something lately it is because I've found a better-quality replacement and the quality excites me.

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  11. Good post! Although I haven't thought about it in terms of trying to hit a particular dollar amount per wearing, in the last six months or so I've been trying to change the way I purchase clothing. I've sat out so many sales lately because I asked myself two questions: 1) Is this a classic, well-made staple that I can wear for several years, or 2) Is this a striking and flattering piece that will garner compliments every time I wear it? If it doesn't pass one (ideally both) tests, it doesn't go in the cart.

    I've given away so many sale purchases that I snagged simply because the price was so low and everyone else in the blogosphere was getting in on the bargains. I really don't like to think of myself as someone who is swayed by peer pressure, but when I see all the swag posts from the percentage off sales, it's hard to avoid the temptation to join in. But a purchase is not a bargain if I don't wear it, and, as you aptly point out, the cost per wear will never be favorable if I already own too darn many things in the first place!

    My two questions have helped me hit my budget, because I am not loading up on "bargain" items.

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  12. Love the post, I actually do not over buy for myself usually because I am one of those people who wears the same items over and over until I get sick of them and then I replace them. I have a few dressy items that I will never get rid of until I just can't pull them off anymore.

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  13. Love the post and discussion! I'm with Tabs, there are pieces that I thought were "throwaways" only to last for years in my rotation, then there are things that are striking/pleasing which I gravitated to in the store, then sit in my closet unloved. I do splurge on shoes and coats, I think those items "make" an outfit, and I get the intangible return of feeling stylish when I wear these "investment-type" items.

    If I had to guess at the % of items in my closet that's underutilized, it's probably hovering around 5%. I'm pretty good at rotating through all my things throughout the season, and I do pack away out-of-season things so I have room in my closet for me to see and reach for all my in-season items.

    I wish I could spend less money overall, and I'm definitely trying hard to stay away from promos and sales. But I am a girl afterall, I like to refresh my look with scarves and bright tees/tops, while sticking to wardrobe basics that I know I'm comfy in and won't let me down.

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  14. I ruthlessly culled my entire wardrobe last year within an inch of it's life. I sold, donated & trashed enough clothing that I began to hate it all. But now I'm left with only the things I adore. Things that look good on me, that fit me & that I actually wear. Of all the things I kept- it's about equal of what I would call "regular" quality & "better" quality. I ditched those stupid Dream cardigan sweaters I bought from jCrew (that I paid too damn much for) as I was not willing to keep a sweater that pilled constantly, but I kept the cheaper Hanes cardigans that fit like a dream & look insanely cute despite having had them for years now.

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  15. Great topic!! When I go shopping, I don't view clothes as an investment with a cost-per-wear calculation in mind. For one thing, fashions keep changing over time, and also our personalities and our bodies change over time. It's a moving target, and I am always looking to evolve my wardrobe, not only to stay current with trends, but also bearing in mind my figure (which has changed drastically after having 2 kids in just over 2 years) and my age . Plus, it is really hard to predict which pieces are going to be "go-to" items that will be used year after year, and which will sit in my closet unworn with the tags still on them. One of my 'go-to' items is a cotton moleskin jacket by a Japanese designer that I bought on a whim 10 years ago. I still wear it every spring and fall!

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  16. Great post, ajc! I suppose I do now look at my purchases as a bit of an investment, but mainly because I do plan on keeping the clothing I buy for an extended amount of time. Over the past several years I have made a conscious effort to stop making 'instant gratification' purchases or buying just because an item is on sale (even if I don't really need it), and instead save for a few longed for items that I keep on a list. As I have become more sure of my personal style over the past year, my shopping has actually decreased, too. I am now very content with the items currently in my wardrobe and don't find the need to constantly be adding something new every week or even every month. Since I know what I already have, what styles suit me, and what I would like to add as a compliment to my already existing wardrobe, I now shop only for those items, which I keep on a list, and they are usually very specific (such as the pair of Hunter rain wellies, black Jack Rogers sandals, and RL polka-dot dress, all of which I have purchased this spring). I have stopped the buy, try, return cycle that I was on for a long time, and it feels quite wonderful. In fact, all the purchases I have made since last fall have all been from my list, and they are also items I plan to keep for a very long time. Some items were 'pricey', others were a fantastic bargain, but my spending overall was still significantly less than it used to be, and all of the items are still really good quality, too.

    Like Julie Styles, my business is to help women become familiar with what they own, learn what works best for them and keep them focused on adding in items that mix and match in their existing wardrobe (which is my 'Shop Your Closet' service), and let go of what doesn't work (I have done all this for myself, as well). This allows for a fully functioning wardrobe and ensures numerous looks that can be made from just about any item in their closet, and when I style new looks for them, I am always able to pull items from their archives to put with newer purchases, too.

    Like you, I do find myself getting bored with certain wardrobe items at times, but discovered awhile ago that if I simply place those items in the archives, I will reach for them again eventually. This also helps to increase the CPW amounts on many of my items, since they consistently get rotated out for a different item already in my closet, and also makes each purchase a good 'investment'. :)

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  17. Great post, ajc! I suppose I do now look at my purchases as a bit of an investment, but mainly because I do plan on keeping the clothing I buy for an extended amount of time. Over the past several years I have made a conscious effort to stop making 'instant gratification' purchases or buying just because an item is on sale (even if I don't really need it), and instead save for a few longed for items that I keep on a list. As I have become more sure of my personal style over the past year, my shopping has actually decreased, too. I am now very content with the items currently in my wardrobe and don't find the need to constantly be adding something new every week or even every month. Since I know what I already have, what styles suit me, and what I would like to add as a compliment to my already existing wardrobe, I now shop only for those items, which I keep on a list, and they are usually very specific (such as the pair of Hunter rain wellies, black Jack Rogers sandals, and RL polka-dot dress, all of which I have purchased this spring). I have stopped the buy, try, return cycle that I was on for a long time, and it feels quite wonderful. In fact, all the purchases I have made since last fall have all been from my list, and they are also items I plan to keep for a very long time. Some items were 'pricey', others were a fantastic bargain, but my spending overall was still significantly less than it used to be, and all of the items are still really good quality, too.

    Like you, I do find myself getting bored with certain wardrobe items at times, but discovered awhile ago that if I simply place those items in the archives, I will reach for them again eventually. This also helps to increase the CPW amounts on many of my items, since they consistently get rotated out for a different item already in my closet, and also makes each purchase a good 'investment'. :)

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  18. Thank you ladies for a great discussion!!!
    I only wanted to add that when I buy anything I certainly do not calculate the cpw or even think in those terms. But I think it is interesting to calculate how much does it really cost us.
    I think it would be ideal to shop the way Mary G. described, just go couple of times in the year, buy couple of new outfits and be done with it. It is true that like Tabitha said for me shopping is more of a hobby than what it probably should be, just buying what I need.
    When I say I want to reduce the number of items in my rotation I don't really mean major purge, after all I already paid for those items, I may just as well enjoy them.
    But the realization that I just cannot wear all my clothes often enough, even if I love them all, made me really want to buy less and only what is on my list, like FFM described.
    What can I say, it is a process...

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  19. Oh, and since I am going to bed now, I have to laugh at wff pajama comment, I forgot about pajamas!!!
    But I think of all things, pajamas should have pretty good cpw, unless you have serious collection :)

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  20. Brilliant post as usual, ajc! I think the most important point you made was that there just aren't enough days in a season to wear everything even just ONE time if your closet is bursting! It seems wasteful to only have time to wear each item once or twice a year. I try to keep that in mind so I don't buy too many and/or too many similar items. Also, I don't necessarily *want* to wear my clothes/shoes/handbags for YEARS to come (maybe 5 years or so is good) because my taste evolves over time and I want the ability to try new looks. Or I get excited by new things I see, so after a few years, I'm ready to donate an item, to make room for new ones. For example, I'm comfortable paying $200-$300 for a handbag, but I know there are so many fabulous ones out there, that in a few years, I would like the option to let an old one go to make room for a new one. While I'm OK letting a $300 handbag go, I don't think I would feel good about letting an $800 (or more!) handbag go in just a few years because I didn't get my money's worth out of it. For that kind of money, I would need to wear it for YEARS and I don't want to be locked into that! I guess that's because I get bored, but I think it's reasonable to be bored with clothes or bags after a few years. Being bored after a few months or a year, would be a little concerning. :)

    I can't quite get my thoughts together here this morning (need more coffee!), but I just wanted to say that I think your point that CPW may be high for many of us simply due to the fact that we have too much in our wardrobes is spot on! It really is as simple as that. It's tough to not keep adding to our wardrobes when there are constantly new goodies being presented (which we could avoid seeing if we really wanted to). This idea ties into your post about shopping addiction which is a whole other issue that factors into why some of us do what we do. :) It's so good to talk about it and share our thoughts and experiences. Thanks, ajc!!

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  21. Excellent post! We are going to be moving later in the year, so I am beginning to contemplate a major purging of my wardrobe. We are also eyeing our budget, so I really appreciate all the food for thought!

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