Growing up not having the disposable income to enjoy shopping, I didn’t get to buy new clothes often, but whenever I did, I always did my best to get the best value for my dollar. I often would go straight to the clearance rack of several stores or even waited until a store had their seasonal sale. As an analyst that covers several consumer retail companies, I’m not a proponent of consumer shopping as consumer retail companies spend millions of dollars in advertising to make you feel you’re out of fashion. In addition, according to a study done by Mckinsey, the fashion industry is responsible for 2.1 Billion metric tons of greenhouse gas emissions in 2018 which is the equivalent of GHGs produced from entire economies of France, Germany, and the United Kingdom combined. So if you’re really into saving the planet, then I’d consider cutting your shopping expenses. However, it’s inevitable for people to be perceived as fashionable towards their peers. In these cases, if you really need to buy a new article of clothing, I’ve listed out 5 ways to save on shopping for clothes
1. Outlet Shopping
Outlet malls were invented in the 1930s often located in the middle of nowhere or about 1 to 2 hours away from the city center. Outlet malls that were located outside of the city allowed for cheaper real estate and people investing a whole day to travel and shop at outlet stores. Outlet stores usually carry discounted out of season clothes that didn’t sell at regular retail locations. Companies also specifically produce outlet clothing which are inferior in quality, but still carry the brand of the Company. For example, Coach outlet bags are noticeably cheaper than regular priced Coach bags that sell in malls. Though, many may balk at those that shop for premium brands in outlets, I see it differently. The value of a brand fluctuates substantially which is part of the reason why it’s part of “intangibles” in a company’s balance sheet. Therefore, if your brand conscious, but don’t want to spend as much, I’d consider shopping at the outlet.
2. Clearance
Clearance usually means an end of season sale in order to make room for newer goods. Several Consumer retail stores including Macy’s, Nordstrom, and Kohl’s to name a few have clearance sales where in addition to the already discounted items, you can receive an additional discount ranging anywhere between 25-50% off. As much as I don’t like giving my email, if you want to stay on top of these sales, you can sign up for the free memberships that often mean providing your email in exchange of receiving promotional advertising. Be aware, the word clearance can invoke the emotion of excitement as many think if something is on clearance, they must be saving, but that may not be the case. For example, you may have seen several mom and pop stores have clearance or sale signs posted on their windows for several pieces of clothing. 6 months passes and you find that the same clothes are still on the rack with the same clearance and sale sign which means those clothes are really not at all for clearance or on sale.
3. Seasonal Sales
Black Friday or the Friday that followed Thanksgiving always meant camping in front of your local Best Buy prior to opening in the hopes of scoring a deeply discounted flat screen TV. As one of the most popular and anticipated holidays, if you missed it, you’d had to wait until next year. However, companies have increasingly relied on various seasons and holiday periods to spread out and boost sales throughout the year including labor day and back to school. During these periods, it’s common for companies to release promotions or discounts for certain merchandise. For example, Nike usually runs up to 50% off running shoes in September for Back to School. During these periods, companies would also include promotional codes that you can use prior to online checkout often ranging from 25-50% off, although you have to keep track of the brands and stores to see when they offer these promotional codes. It may be obvious to shop during holiday or seasonal sale periods, but if there is a particular type of merchandise you want, always keep track of the price to see when it’s really on sale.