Expensive Wardrobes
London Fashion Week kicked off yesterday, as new research revealed image conscious Brits are spending £45 billion a year on clothes despite the recession.
The ‘Fashionable Finances’ study commissioned by Hiscox, reveals that the average British adult invests almost £1,000 a year on new clothes and accessories.
But for many fashionistas this figure is much higher with as many as one in twelve (8%) spending between £200 - £400 every month on new togs. The recession hasn’t had an impact for over half (56%) who admit they have spent the same in the last year on clothes as they would do normally and a further four per cent admit to spending more.
Designer labels still in vogue
The research shows that designer labels are still in vogue but clothes-hunters are being savvy with their purchases. One in ten (10%) say they are reducing the number of cheaper items they buy so that they can invest in more expensive designer pieces. Furthermore, three per cent say they have swapped designer clothes with friends to keep their wardrobe refreshed or have rented designer goods for a short period of time.
When it comes to designer clothes, the average Brit buys three designer items of clothing or accessories every year, with the most expensive item in their wardrobe priced an average of £293. But there are many who prefer to treat themselves more regularly or more expensively; one fifth (20%) buy three or more designer items every year and nearly one in ten (9%) have an item in their wardrobe that cost them £500 or more.
Wardrobe wealth
However, when it comes to putting a price on the value of their entire wardrobe, Brits are not so sure. Over two thirds (69%) say they are not confident when it comes to knowing the true value of their wardrobe contents. In fact, women predict they own on average £3,167 worth of clothing and accessories, and men around £2,486, but in Hiscox’s experience, many people grossly underestimate the true value of their wardrobe.
Austyn Tusler, household insurance expert at Hiscox, comments: “Our research shows that the British are dedicated followers of fashion. However, many don’t have a grasp of the value of the clothing and accessories they have accumulated over the seasons.
“As a result many people may be underinsured when it comes to their wardrobes and, as quite often is the case, they could be underinsured when it comes to the rest of their household contents too. One female customer for example gave us an estimate of around £3,000 to cover her wardrobe contents but, once we had reviewed it with her, the total was actually more than £25,000 – over eight times the value she had thought.”
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