Spend Thrift

When it comes to fashion, how are kids spending their money and whereis it all leading to? Allysha Nila follows the trail of the Gen Z dollar.

- Allysha Nila

Today’s generation of fashionistas has been met with nothing but scepticism, no thanks to Instagram, Hypebeast and the age-old assumption that the youth are broke…. Well they are. But then how do you account for the large number of teenagers, aged between 16 to 25, donning Balenciaga from head to toe? In this confusing, frenzied, paradoxical fashion climate, we’re reduced to asking: What’s going on, and where’s the money going? NO MONEY , NO WORRY

The truth is this: The goldmine is difficult to trace amongst this particular demographic. It’s unrealistic to gauge youth’s true buying power, given the growing freelance economy, an increasing number of (affluent) parents providing their children with financial support, and the industry’s movement towards the “drop” system, where, instead of adhering to seasonal cycles, they release products at any time of the year.

One thing is clear, however. Money—or the lack of it—isn’t a deterrent when it comes to fashion. Kids will spend—even when they have very little—which is especially true for university students who juggle part-time jobs. Nick, 22, admits that his favourite brands (Comme des Garçons, Kiko Kostadinov, Soloist and Yohji Yamamoto) are difficult to afford. But it doesn’t stop him from buying. “My disposable income is almost non-existent so I save to be able to buy what I want.”

While an older generation of consumers may question our priorities, let’s put it this way: The economy is volatile, property prices are skyrocketing, the bills are piling such that we can barely save any money to start a family or own a car. So we’d rather spend on things like clothes, holidays, food—things we can experience in the short-term.

A NEW MENTALITY