How Much Of Your Disposable Income Goes To Clothes?
I like to go shopping more than I care to admit. My boyfriend will come home to find me in the midst of new bags, trying on my latest purchases, and he’ll utter the same question every time: “Didn’t you just go shopping?” But without fail, I’ll find a new ring, a new dress, or new shoes that I just need to integrate into my wardrobe. And I figure, as a 20-something girl living in NYC, with no bills besides my rent and cable, what’s wrong with treating myself to a little shopping? I do work in fashion after all. My disposable income is just that — disposable in the form of purses, accessories, and skirts. So it was more than surprising to me that Dr. Mark J. Perry, an economist at the University of Michigan, found that Americans only spend 3 percent of their disposable income on shopping. In one year, as a whole, we spent $326 billion on clothing and footwear, which is a minimal 2.98 percent of our income, but in 1950, those purchasing habits equated to 11 percent of that same income. What does this mean exactly? Basically, clothes are cheaper than they’ve been in years. You can thank stores like Forever 21 and H&M with their immediate wear-a-few-times-and-trash mentality for this development. And with this news, I’ll continue shopping, thank you very much. [Fashionista]