The US is one of the largest markets for apparel across menswear and womenswear. According to a Reuters report, the US apparel and footwear industry is worth at least $350bn in yearly sales. That is a staggering amount of money that we as consumers spend on apparel. It’s fascinating to think of how much money we spend on looking good with all types of clothing whether they are from thrift stores or designer brands. The question is how should we use our money to buy clothing?
The trick is looking at your personal finance situation and making a solid plan on what clothes you need as opposed to the ones you want. Look at your finances whether the source of it is loans, savings or disposable income. Once you know how much you will spend on clothing, use our top tips below on spending it properly:
- Buy necessary clothing for work: If you work in an office, it’s important to give the right image to your boss and co-workers by choosing clothes that match the industry that you work in. The types of clothing you purchase should be suited to your profession without eating into your budget.
- Only purchase when you need: For fashion-conscious consumers, it can be tempting to go shopping every week. This is where spending properly comes into play. Have a schedule where you only buy clothing on a dedicated time frame such as every 60 days or every 90 days as long as your budget can allow it.
- Shop in the sales period: Discounted clothing should be for people who want to buy apparel without spending a great deal. Find the key months where department stores decrease prices off their apparel and shop during these seasons to save money on clothing that you like.
With these top tips, you can spend modestly for apparel and still look your best. Just remember to use your dollars for the maximum effect within your budget.