We’ve broken away from the seasonal cycle of clothing. You no longer see new clothing lines two to four times a year; you’re seeing them every week. The problem is that consumers are hooked on a cycle of buying and tossing clothes—or keeping them but not getting a lot of use out of them.
We’re spending the smallest percentage of our income on clothing that we’ve ever spent. But we’re essentially throwing that money away—$20 here, $20 there. It’s not a lot, but if you’re only going to wear an item once or twice, whatever you’re spending on clothes goes down the drain. That’s the psychology of cheap: We don’t value things we pay little for.