Microeconomics tells us that demand is the quantity of goods or services that consumers are willing and able to buy at each possible price (over a given period of time). If there are two people who demand High Fashion and one considers High Fashion and Fast Fashion complements, and another considers them substitutes; an increase in the price of High Fashion will increase the market demand for Fast Fashion—at least that’s the theory.
With that theory in mind;
If Fast Fashion becomes increasingly taxing, High Fashion should become more attractive to the consumer, right?
Earlier this year, there was a documentary called: “The True Cost” which explored the impact of Fast Fashion on the world, after the Rana Plaza, a garment factory in Dhaka, Bangladesh collapsed. More than 1,000 factory workers were killed in this catastrophe. People were outraged and wanted heads to roll, “how could anyone let something like this happen?” they waxed lyrically. How sad then was it to find out that those same people who demanded justice, “couldn’t help but get this cute necklace from Primark” during the next sale…
Then there’s the environmental impact of Fast Fashion
One of the major sources of pollution in Indonesia is the fashion industry, according to Greenpeace: 68% of industrial facilities on the Upper Citarum are particularly chemical intensive (including nonylphenol, antimony and tributylphosphate), and have contributed to the Citarum developing a reputation as one of the dirtiest rivers on earth.
The problem with Fast Fashion, which in my opinion is why it can never be a true substitute for Slow Fashion is that, as far as pricing is concerned; it’s a race to the bottom. All our biggest Fast Fashion retailers like Mr. Price, Truworths, The Foschini Group (TFG), Edcon et al. have been competing to for the same consumers, with the same products—the only difference being the price.
But, if the price is the only deciding factor, the consumer will obviously go with the cheapest option (in most cases this being Mr. Price).
If we look at the current state of the South African garment sector, even with the government having invested more than ZAR 2 billion ($149 million) upgrading production lines and introducing innovative technology; the majority of clothing sold in South Africa by the aforementioned brands is sourced from factories in Asia.
South Africa has about 900 clothing factories left, but these 900 are more than capable to handle the demands (and turnaround times) that big brands—and South African contemporary designers would require. The only way to compete against the onslaught of international Fast Fashion brands is to stop imitating their business models…
But if the clothing is manufactured locally, won’t it be more expensive?
More expensive? More expensive for who? For our planet? For morale? I think it depends on what you would consider to have importance in the larger scheme of things. Do you, as a consumer prefer to have “the latest fashions” coming in and out of your closet, month in, month out?
On the 15th of September this year, Minister of Trade and Industry, Rob Davies (addressing the Prestige Clothing Factory—the manufacturing arm of Foschini Group) said that paying workers low wages would not make the South African industry more competitve. The key to increasing South Africa’s competitiveness was not in entering into a price war with our biggest threats. The key to increasing South Africa’s competitiveness was not to emulate the business models of our competitors. The key to South Africa’s competitiveness was not following the pricing models of international competitors.
Think of it this way; when was the last time you were able to wear your Fast Fashion items consistently for more than 15 years?
Why do we measure quality against price when it’s very obvious that both should not be equated to one another?
When we ask if Fast Fashion is a substitute for Slow Fashion, are we not comparing apples to oranges? Both are fruit, but both have very different effects.
Interested in learning more?
Watch: The formula which consistently makes ZARA millions of dollars
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