Brits continue to invest in passion for fashion

Despite the levels of UK personal debt exceeding £1 trillion, we are continuing to invest in our passion for fashion with a quarter of Brits (25 per cent) owning £2,000 worth or more of clothes, shoes and accessories in their wardrobes according to research by Prudential Home Insurance. A further 2.6 million (6 per cent) estimates the contents of their wardrobe adds up to over £5,000.

However, as Brits continue to splash their cash, they are becoming increasingly careless when it comes to insuring their glad-rags, with Prudential’s research revealing £13 billion worth of uninsured clothes, shoes and accessories lying around in Brits households. This is particularly worrying as a fifth own up to three items of expensive designer clothing each.

Empty wallet but full wardrobe

It seems that being unemployed is not enough to discourage many people from splashing their cash on clothes. A massive 69 per cent of those without a steady income admit to having bought clothes and forgotten about them. Additionally 14 per cent of those not in paid employment owning up to £500 of clothes. And five per cent own £5000 or more!

The research also reveals:

Seven per cent of people who are not working have between four to six designer items in their wardrobe

Surprisingly, people without jobs are more likely to own more shoes – 34 per cent own between one and five pairs compared to only 27 per cent of those with jobs. In addition, 38 per cent of those without jobs own between six to ten pairs compared to only 34 per cent of those with jobs.

Seven per cent of those without jobs would spend up to £70 on a pair of jeans and a further 4 per cent would spend up to £100.

Phil Southgate, Media Relations Manager at Prudential Home Insurance says: “It is concerning that despite the average Brit being in £27,455 worth of debt, many are still prepared to spend so much on fashion regardless of whether they have a steady income. The increasing popularity of low-cost clothing shops means that people are encouraged to spend money on a regular basis with the growing trend for disposable clothing.”

Bottomless pits

For many, buying clothes is a quick fix and one that is soon forgotten as their purchases are left to collect dust at the back of the wardrobe. A third (34 per cent) forget about new purchases and even admit that they sometimes find items in their wardrobe that they never knew existed! Women are more likely to forget about their purchases with 77 per cent of women compared to only 67 per cent of men admitting that it is likely of them to find clothes they had never worn or forgotten about.

Southgate continues: “It’s amazing how so many people fail to insure the contents of their wardrobes, especially considering that a fifth own up to three expensive designer items. It is important that people access the value of their wardrobes on a regular basis. We would also urge people to keep receipts as proof of purchase and for expensive items it is worth taking pictures as evidence, should you have to make a claim on your insurance policy.”