Although their spending on clothes might not match that of trendy American celebs, women on this side of the Atlantic still need to exercise a degree of financial caution when it comes to fashion, according to a recent study.
Research conducted by More Than shows that British females spend an average of 68 pounds and two pence on outfits each month. Over the course of a year such expenditure was shown to stand at 816 pounds and 24 pence. And while this in itself may seem like a significant amount of money, it pales in comparison to those American fashionistas who regularly go on shopping splurges. Epitomized by Carrie Bradshaw – the star of US drama Sex and the City played by Sarah Jessica Parker – these people were shown to spend at least 10,572 pounds per year on clothes. Meanwhile, those UK women who are in the same demographic as Bradshaw – also known as the “British Carries” – were revealed to be splashing out just 76 pounds and 56 pence per month on fashion or 918 pounds and 72 pence over the course of a year.
Not only does fashion spending by the average woman pale in comparison to their more luminous peers but Brits are also underestimating the value of the items that they do own. Research from the firm showed that about half of respondents think their total clothing collection is worth less than 1,000 pounds. However, it was revealed that in reality the average consumer has 2,500 pounds in shoes, dresses and other items stored in their cupboard.
Following on from a lack of insurance, consumers who have had expensive clothes damaged, destroyed or stolen could find that they have to meet the cost of replacing such items by themselves. This in turn could affect their ability to make payments on loans, credit and store cards, mortgages and other sources of financial demand.
Annette Lepper, spokesperson for More Than, said: “Though British women may not have the means to build a Sex and the City style wardrobe, during their lifetimes many will have built up closets with significant monetary values – problems arise when people don’t stop to think about the combined value of all their purchases, or accurately account for their total worth. We would strongly advise all British women to take time out and reassess the worth of their valuable collections.”
For those consumers wishing for an effective way to finance the purchasing of designer clothes, taking out a personal loan might be of assistance. Such a loan could be particularly effective for Brits looking to take a shopping trip to New York to splash the cash on clothes in the style of Carrie Bradshaw. The additional financial help that a personal loan brings could also help fashion-hungry consumers to purchase a comprehensive insurance policy to cover their prized designed goods. Getting a loan might also be of assistance for those women who have recently given birth. In a recent study by Egg it was shown that an average of 1,062 pounds is being spent on mothers and their newborn children on items such as clothes, designer buggies and highchairs. Overall, it was indicated that 939 pounds of this amount is splashed out on babies, with 132 pounds going towards the mother. It also was revealed that, in the wake of a birth, some 87 percent of new mums have splashed out on new clothes.