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Cost Per Wear – #HAUSSEPEOPLE’s Golden Buying Formula
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Written by: Lori Fan, Edited by: Sheila Lau
Why you should use the Cost Per Wear formula
We’ve all certainly come across a time when we thought it was not worth splurging over “investment” pieces when you could just find similar things with a much more affordable price in fast fashion retail stores. Or vice versa, one could easily get tempted by owning “investment” qualities yet still won’t get too much wear out of each. Whatever the instances are, using a concept called “cost-per-wear” will help you calculate the true worth of each piece when eyeing a potential purchase, thus, guiding you to make wiser purchase decisions.
What is Cost Per Wear and how do I calculate it?
Cost Per Wear (CPW) is a simple concept, in which the buyer considers the value of a piece of item in relation to how much the item is being used. In another perspective, see your purchases less as static objects, instead, see how much use you could get out of it.
For example, if one piece of clothing was purchased at the cost of $200, and has been worn twice, each wear will be at a cost of $100 now; and if worn four times, then each wear would be at a cost of $50 per wear, and so on. Essentially, you are going to add its purchased price and all the additional maintenance costs together and divide that number by the estimated/total number of times the item will be used.
Relating the concept to our brand ÀLA.HAUSSE, we believe that an understanding in cost-per-wear is a lesson in value. This is why we have created a multi-functional and multi-purposeful fashion ecosystem to encourage individuals and brands to rebuy, resell, reuse, and upcycle one’s clothing assets, thus, reducing one’s personal cost-per-wear and helping our #HAUSSEPEOPLE to look at their fashion purchases in a whole new light
The additional costs you have to keep in mind
Now that you’ve mastered the formula, there is still one other thing to keep in mind when calculating CPW, which is the additional costs that could potentially come on top of your purchased price. This is the tricky part of having an investment piece, you have to also invest in taking care of it, which will require additional costs. The hidden cost of a fashion item could include dry cleaning, tailoring, maintenance, or even repairing some of the accessories.
On the flip side, you might also consider turning your closet items into “clossets” (a.k.a. clothing assets). This is the where you could even turn your investment pieces into more assets. So definitely consider whether you could rent or resell via ÀLA.HAUSSE’s multi-purposeful fashion ecosystem mobile application. This way you are not only reducing your own CPW, but also helping others reduce their CPW as well by letting them rebuy/rent your pieces.
So, if you are a precise person, definitely add/subtract these hidden costs to your purchased price, then divide your estimated number of time the garment will be used to get a more accurate CPW result.
Say goodbye to "no-brainer" purchases
Ever find it frustrating to decide whether you are really investing or if it it is actually just “overpriced”? Temptation is usually our major concern when it comes to shopping habits. Knowing the formula might not be enough to reduce your actual CPW if you aren’t selecting the right investment pieces.
If you’re still having trouble of deciding whether an item is worth the investment, you should consider the following factors to help you determine how many times you will actually wear it.
1. Assess your wardrobe and make a wish list before you start shopping.
First step to take is to always have a good look of your existing items in your closet and estimate how well your potential purchase will fit in. Making a wish list for the things you need will help you avoid browsing around for unnecessary purchases.
2. Is the item a current trend only?
Always make up a scenario in your head, ask yourself whether you will be wearing this the same time next year.
3. Is the item versatile enough?
Can this be dressed up and down, or can it only be worn for certain occasions?
4. What is the quality?
Quality plays a big role for your investment pieces. Always get a touch of the fabric if possible. The stitching also determines its craftsmanship. Remember, quality should always trump quantity in fashion!
Try to get the most out of your CPW by asking yourself these questions. After all, every choice you make while shopping will have long-lasting effects on our fashion carbon footprint. Choose wisely!
CPW will change your life
Understanding the cost-per-wear of your fashion purchases is a lesson in value that can last you a lifetime! Using CPW to evaluate your purchases will help you filter out the timeless pieces that are going to last you a long time, hence, CPW will help you become more aware of the money you spend. It is a formula to begin with, and will eventually bring you a new mindset on consumerism and life as a whole. CPW will help you minimize your wardrobe, simplify your lifestyle and give you a greater sense of enjoyment on the things you already own.
#HAUSSEPEOPLE highly recommends you try the CPW approach yourself, and always keep in mind that our environment will also benefit through this consumerism habit shift.
Via ÀLA.HAUSSE‘s Multi-functional and Multi-purposeful Fashion Ecosystem- BUY/SELL/RENT/LEND/ (swap BETA 2021) mobile application, INDIVIDUALS & brands ( BETA 2021) are encouraged to REBUY, RESELL, REUSE and UP-CYCLE their personal “Clossets” aka Clothing Assets, along with overstock inventory and samples. Through this consumerism habit shift we indirectly slow down the urgency on fashion’s carbon footprint, aiding sustainability as a whole.
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References:
- https://www.memorandum.com/fashion-investment-pieces-worth-it-cost-per-wear-calculation-true-cost-resell-chanel-bag-manolo-blahnik-hangisi-jimmy-choo-cartier-bracelet/
- https://www.heddels.com/2018/04/understanding-cost-per-wear-the-only-metric-that-matters/
- https://www.clevergirlfinance.com/blog/cost-per-wear/
