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lawrenceroman.eth
@lawrenceroman
I’ve been saying for a while now: luxury fashion is in a tailspin. The gilded eras of the ’80s & ‘90s aren’t coming back. The damage done by platforms like Shein & Temu to middle & lower income consumers is likely irreversible. They’ve fueled a culture of overconsumption, with consumers who are now infatuated with cheap, fast fashion, ultimately contributing to mountains of discarded clothing. Fast fashion is simply unsustainable. What began as an innovative retail model by Zara & H&M to keep their retail store offering looking fresh has spiraled into a frenzy, with online companies like SHEIN pumping out thousands of new styles daily, and Temu selling apparel and footwear that are practically disposable.
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lawrenceroman.eth
@lawrenceroman
Despite the millions spent on promoting sustainable & “green” fashion, it still hasn’t reached the mainstream. Instead, younger generations, especially millennials & Gen Z have leaned into thrifting & secondhand luxury. In just a few years, the resale market has grown significantly. Personally, I know many people who swear by The RealReal’s model: they buy, wear, & then resell. It makes far more sense than constantly buying new clothes, stacking them on a closet to then end up donated or worse, trashed. Of course, this only works when garments are made to last, not with throwaway pieces. Add to this a bleak global macroeconomic outlook, & it’s clear why luxury spending is down. The luxury sector must rethink its approach fast! NFC chips can help a lot, not only from a sustainability standpoint as it’s being used in the EU, DPP legislation but also from a branding standpoint & is an excellent tool for the re-sale market.
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