Our shopping habits can cause quite a stir, especially in today’s climate of rising housing costs, tuition fees are at their highest, and wages are at an all-time low, as wage growth falls further behind inflation. Rather than go out and enjoy themselves, millennials are expected to stay inside their rented abodes or continue living with their parents until they scrape together enough money for a mortgage.
Although trying to get a foot onto the housing ladder is troublesome, it is not impossible. You will have to make sacrifices; you should look towards your shopping habits and determine the true cost of them, and how being more mindful of your spending habits could help you pocket extra cash for bigger investments.
“Brits Spend on Average £1042 on Clothes Each Year”
These findings come from the new Great British Wardrobe Report appointed by Ariel, where they interviewed 2500 people and found that, on average, Brits spend £1042 per year on their wardrobes. When the results were further segmented, they surprisingly showed that British women spend an average of £74 per month, while British men spend around £100. So, the next time an argument ensues about which member of the opposite sex has more expensive shopping habits, make sure to alarm them with these facts.
Why Do We Spend So Much?
The question of why we spend so much on clothes (as well as beauty products and cosmetics), is a simple one. We live in a society where we want the latest garments hitting the streets; we want to be part of the latest trend, as if it’s a uniform of acceptance. The research from the Great British Wardrobe Report found that by frequently updating our wardrobes, we’re improving the way we feel, making us more confident and happier with ourselves. When we wear something considered ‘old’, our confidence drops, only to be picked up again when we treat ourselves to a new top, jacket or pair of jeans.
This notion is only amplified by social media and the impact fashion and beauty bloggers have on our society. Through the likes of YouTube, Instagram and even Facebook, people have made a career through beauty tutorials, the most-wanted garments and sponsorship. By seeing Instagram and YouTube stars, we’re more susceptible to buy whatever they are marketing.
How Can We Be More Mindful?
Treating ourselves, whether it be clothes, the latest gadget or a short city break to a foreign country, should never be frowned upon. We only have one life, and so we should enjoy it to its fullest, regardless to whether that means improving your confidence through a new makeup pallet or upgrading your phone to the latest model. All you can do is to be more mindful of your purchases.
When shopping, look for the best deals. Find discounts from Voucher Codes for your favourite retailers, create spreadsheets and calculate your monthly costs and how much you wish to save each month, open up a separate savings account so you can separate your money and limit temptations. If you spend too much money on clothing, for instance, consider the idea of ‘slow fashion’, where you invest in a few quality pieces that’ll last for a few years and which are versatile in style. If you go out every weekend, set a spending limit or go out fortnightly instead.
If people were to decrease their monthly expenditure and pocket the extra money, even if it were only an extra £65 per month, then that’s an extra £750 a year you’ve saved for larger investments in the future. Millionaires may suggest that millennials should be cleverer in their spending and not look to live a luxury lifestyle, however, the cost of our shopping habits isn’t what’s truly making it difficult for the younger generation to have a sense of stability. All we can do is be more mindful of our spending habits and save where it’s possible while ensuring we still live our lives.