The Economics of Fast Fashion: What It Means for Your Wallet and the Planet
By Kashvi Mahesh
Introduction: The Allure of Fast Fashion
Fast fashion has revolutionised the clothing industry by offering trendy apparel at remarkably low prices. Brands like Shein and Temu have capitalised on this model, providing consumers with a constant stream of new styles. However, this convenience comes with hidden costs affecting our finances and the environment.
The Financial Implications: A Closer Look at Your Wallet
At first glance, fast fashion seems like a budget-friendly option. Affordable prices allow consumers to purchase more items without significant financial strain. However, the low cost often correlates with lower quality, leading to garments that wear out quickly. This cycle encourages frequent purchases, which can accumulate over time, impacting personal savings.
Moreover, recent policy changes, such as the closure of the "de minimis" loophole in the U.S., have led to increased tariffs on imported goods. This has resulted in higher prices for fast fashion items, prompting consumers to seek alternatives like secondhand shopping or clothing rentals.
Environmental Consequences: The Planet Pays the Price
The environmental footprint of fast fashion is substantial. The industry is responsible for approximately 10% of global carbon emissions and 20% of global wastewater. The production processes consume vast amounts of water; for instance, manufacturing a single cotton shirt can require up to 2,700 litres of water.
Additionally, the reliance on synthetic fibres like polyester contributes to microplastic pollution, with textiles accounting for about 35% of microplastics in the oceans. The rapid turnover of clothing also leads to significant waste, with millions of tons of textiles ending up in landfills annually.
Social Impact: The Human Cost
Beyond environmental concerns, fast fashion has social implications. The demand for low-cost, rapid production often results in labour practices that compromise workers' rights. Many garment workers in developing countries face poor working conditions and low wages. For example, in Bangladesh, garment workers earn about $96 per month, which is significantly below the living wage.
Moving Towards Sustainable Choices
Consumers are increasingly exploring sustainable alternatives. Secondhand shopping platforms and clothing rental services are gaining popularity, offering eco-friendly options that also make financial sense. Investing in higher-quality garments that last longer can reduce the frequency of purchases, ultimately saving money and reducing environmental impact.
Rethinking Our Fashion Choices
While fast fashion offers immediate gratification, it's essential to consider the long-term effects on our finances and the planet. By making conscious choices—such as supporting sustainable brands, buying secondhand, or simply purchasing less—we can contribute to a more ethical and environmentally friendly fashion industry.
Sources:
https://fastercapital.com/topics/the-impact-of-fast-fashion-on-the-environment.html
https://toxigon.com/impact-of-fast-fashion
https://earth.org/data_visualization/impacts-of-fast-fashion-on-the-environment/
https://missionsustainability.org/blog/fast-fashion/
https://www.washingtonpost.com/technology/2025/04/23/tariffs-thrifting-used-clothes-prices/
