She's On The Money - Are Micro-Trends Making You Broke?

Starting point is 00:00:00 Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on Awadjeri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money. She's on the money.

Starting point is 00:00:37 hello and welcome back to she's on the money is it just me or do fashion trends seem to be moving at warp speed at the moment. You're about to hit add to cart and then suddenly it's yesterday's news. Once upon a time, designers released new collections just a couple of times a year and now it really feels like brands are dropping a new collection probably every two weeks. I'm Victoria Devine and in today's special Saturday episode, we're going to chat about the whirlwind that is microtrend culture. How did we end up caught in this cycle of overconsumption and what does it mean for our finances, our mental health and our planet? First off, let's talk about what micro trends actually are. In the past, fashion trends had time to breathe. Think summer

Starting point is 00:01:44 and winter collections, giving you months to enjoy your favorite looks. But with the rise of social media, trends have now a shelf life of weeks, sometimes even days. TikTok is the epicenter of this micro trend explosion, where trends catch fire faster than you can scroll. Creators and influencers alike are really quick to share their takes. And before you know it, the trend is everywhere. The hashtag get ready with me videos and those massive clothing hauls just turn up the pressure. Very demure. And fast fashion is right there, ready to keep pace. They've perfected their process so well that they can now turn a runway trend into something you can buy in just two weeks. No wonder we're all stuck in this endless cycle of trying to keep up.

Starting point is 00:02:33 But here's the thing, guys. This constant churn of trends isn't just exhausting, it's also harmful. First and arguably most important to someone like me are the financial impacts. The rapid pace of micro trends pressures us to keep buying more, often leading to impulse purchases that we never even get a chance to wear. According to Money Smart, Australians have an estimated $7.6 billion worth of unused clothing sitting in their wardrobes. That's right, billions of dollars spent on items that are collecting dust, much of it driven by the need to keep up with fast fashion trends. What's worse is if we do wear them, the average consumer only wears clothes seven times before throwing them out. And let's not forget the debt that can accumulate. A study

Starting point is 00:03:23 by Credit Karma found that nearly 40% of millennials overspend to keep up with their friends. What starts as a harmless shopping spree can quickly become a financial burden, affecting your ability to save, invest and even just cover the essentials. All this pressure to stay current can have a serious impact on your financial wellbeing, but that's not the only harm that we're currently dealing with here. Stick around because after the break, we're going to Uncover the environmental toll of fast fashion and spoiler, it's a big one. And my friends, we are back on this very exciting Saturday. So we've already covered how micro trends can wreak havoc on your finances, but what about the planet? Fast fashion is notorious for

Starting point is 00:04:13 its environmental footprint. The industry is responsible for 10% of global carbon emissions, more than all international flights and maritime shipping combined. And with Australians discarding an average of 23 kilograms of clothing per person each year, we're contributing to a growing landfill crisis. This waste doesn't just disappear, it contributes to the growing problem of landfill overfill and environmental degradation. So while those trend pieces might be fun for a season, Their environmental impact lasts so much longer. Finally, let's talk about the big elephant in the room. Let's talk about the mental toll. The constant barrage of new trends can create a massive sense of inadequacy and anxiety. We've all been there, scrolling through TikTok or Instagram,

Starting point is 00:05:01 seeing influencers flaunt the latest must-have item and suddenly feeling like what we have just isn't good enough. This cycle of comparison can be mentally exhausting. According to a study by the University of British Columbia, frequent social media use is linked to increased anxiety and depression, partly due to the pressure to keep up with online trends and appearances. This is especially true for younger audiences who are still developing their sense of self-worth and can be heavily influenced by what they see online. The constant need to stay on trend can lead to a never-ending loop of comparison, dissatisfaction and anxiety affecting not just your mental health, but your overall quality of life. So what can we actually do about this?

Starting point is 00:05:45 The good news is there are plenty of ways to embrace fashion more mindfully. For starters, let's talk about thrifting and secondhand shopping. It's not just sustainable, it's also a treasure hunt for unique pieces that won't be outdated next week. And when I've got a big event coming up that can't find something secondhand, I love turning to rental services. You can snag a designer piece for a fraction of the price and still look a million bucks. When you are buying new, try invest in timeless, high quality items that will be your go-to's for years, not just one season. And hey, TikTok isn't just about fast fashion. There are so many creators out there using their platform to promote sustainability

Starting point is 00:06:26 and mindful consumption. There's an emerging trend at the moment that's flipping the script on micro trends and over consumption and they're calling it under consumption core. It's all about embracing minimalism and making conscious choices about what we bring into our lives. Instead of chasing every new trend, people are starting to prioritize quality over quantity and they're focusing on items that truly add value to their lives and their wardrobes. Under consumption core isn't just about buying less, it's about being intentional with your purchases. Think of it as like an anti-haul. Instead of filling your cart with fast fashion, it's about choosing one or two really well-made pieces, timeless pieces, that you're actually going to wear. It's about repairing,

Starting point is 00:07:10 reusing, and repurposing what you already own. Essentially, getting more life out of your clothes. This trend is gaining traction and I am here for it, especially among those who are tired of the constant cycle of buying, discarding, and repeating. And while under-consumption core is in reality closer to normal consumption. It's a really refreshing shift in the content that we see online. This moves towards a more sustainable and mindful approach to fashion, not only reducing our environmental footprint, but also helping us to reconnect with what truly matters. Plus, by opting for fewer, higher quality items, you might even find that your wardrobe feels more cohesive and personal, like it actually reflects your style, not just the latest trend. So these

Starting point is 00:07:56 are the accounts you want to follow, the ones who encourage you to re-wear outfits, share clothing with friends or even upcycle old pieces into something new. My challenge for you this week is this. Next time you see a micro trend blowing up on TikTok, take a step back and actually ask yourself, do I need this or is this just the hype talking? And remember, fashion should be fun, but it doesn't need to come at such a high cost to our wallet, our planet or even our peace of mind. next time you're tempted by the latest trend think twice about whether it's worth the long-term impact let's all aim for a wardrobe that not only looks good but feels good in every sense of the word thanks for tuning in today my friends i hope this conversation inspires you to take a more

Starting point is 00:08:42 mindful approach to your wardrobe now i'm gonna go vintage shopping and find something unique to wear to my friend's birthday catch you next time guys The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN 321 649 27708 AFSL 451 289.

She's On The Money - Are Micro-Trends Making You Broke?

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