CONCEPCION, MARY JUSTINE S.

EVERYTHING HAS A PRICE

Every decision we make has a cost, both monetary and non-monetary. Monetary costs
are the most obvious type of cost, and they refer to the amount of money we have to spend to
acquire something. Non-monetary costs are less obvious, but they are just as real. They can
include things like time, effort, energy, and opportunity.

According to the article about fast fashion, the environment and the people who create
the clothing frequently pay the price. The notion of "fast fashion" describes the rapid production
of trendy, up-to-date, and cheap clothing. It has been around for a while, but recently its
popularity has grown.

According to the web journal, the development of fast fashion was enabled by several
key events, including:

● The Industrial Revolution, which introduced new technologies that made clothing
production faster and cheaper.
● The rise of mass media, which made fashion trends more visible and accessible
to a wider audience.
● The growth of the global economy made it possible to source materials and
produce clothing in low-cost countries.
● The rise of online shopping, which made it easier and more convenient for
consumers to buy fast fashion.

Such events sparked the rapid rise of fast fashion, which is now a significant global
sector. By using inexpensive labor and materials, making clothing rapidly and in huge quantities,
and offering stylish clothing at low rates, fast fashion companies like Zara and H&M have been
able to compete in the market.

Fast fashion, however, has a lot of negative impacts on the environment and society. It
contributes to trash generation, deforestation, and pollution. Furthermore, it often results in low
pay and unpleasant working conditions for garment workers.

The environmental impact of fast fashion is one of the main issues. The fashion industry
produces a significant amount of trash and pollution. One cotton shirt, for example, requires
around 700 gallons of water to make. In addition, the dyeing procedure used to make a lot of
fast-fashion clothing releases toxic substances into the atmosphere.

The ethical implications of fast fashion is another issue. Much fast fashion clothing is
made in developing nations, where laborers frequently earn meager wages and endure harsh
working conditions. Additionally, there have been reports that fast-fashion clothing is produced
using child labor.
 Ultimately, fashion might result in clothing of lesser quality. Fast fashion clothing
frequently uses substandard materials and construction techniques since it can be made quickly
and inexpensively. As a result, clothing may wear out more quickly and require replacement
more frequently.

To draw customers and sway their purchasing decisions, fast fashion brands use
specialized pricing techniques. Consumers should think about the opportunity costs associated
with these tactics.

Low-cost pricing is one of the pricing strategies utilized by fast fashion companies. This
strategy attempts to achieve significant sales volumes and a broad customer base by providing
fashionable goods at reasonable rates. Fast fashion may be seen by consumers as a
cost-effective means to frequently change their outfits and follow trends. The opportunity cost of
low prices, though, is that quick fashion enterprises may compromise durability and quality. Fast
fashion companies may employ less expensive materials, cheap labor, and faster manufacturing
cycles in order to keep costs down, which can result in clothing of lower quality and shorter
lifespans.

Scarcity-based pricing is another approach to pricing that fast fashion retailers use. By
providing constrained numbers or time-bound sales promotions, this strategy fosters a sense of
urgency and exclusivity. This tactic encourages impulsive purchasing by playing on consumers'
fear of missing out. The opportunity cost of scarcity-based pricing, however, is that customers
could overlook the clothing's actual worth and make rash purchases without weighing their
options. They might pass up chances to support ethical fashion firms or make investments in
better-quality, more sustainable clothing.

Finally, fast fashion companies frequently use a strategy of quick turnover, bringing out
new trends frequently to attract the interest of customers. By promoting a sense of uniqueness
and freshness, this tactic encourages customers to buy regularly in order to keep up with the
latest trends. Although consumers might ignore their own specific preferences and end up with
a closet full of goods they no longer wear, this is the opportunity cost of a rapid turnover
strategy. They might also encourage excessive clothes consumption, which has adverse
impacts on the environment and society.

To sum it up, fast fashion pricing strategies may tempt customers with reasonable costs,
promotions based on scarcity, and ongoing innovation. The opportunity costs of various
methods, such as sacrificing quality, ignoring alternatives, and indulging in excessive and
wasteful consumption, must be taken into account by consumers. Customers can make more
informed and mindful fashion decisions if they understand the connection between quick
fashion, pricing strategy, and opportunity cost.
 It is important to be aware of the negative consequences of fast fashion before making a
purchase. There are a number of sustainable and ethical clothing options available that can help
reduce the environmental impact and ethical concerns associated with fast fashion.

Understanding the concept of opportunity cost allows us to make more informed

decisions about our spending. As a student, I have the option of purchasing items with higher
quality, sustainability, and health benefits.

Here are a few changes I can make while keeping the opportunity cost of my purchases in mind:

● Reduce my purchases: By purchasing fewer items, I can reduce the use of resources
involved in producing and transporting the products, thus reducing waste generation.

● Choose higher-quality items: Higher-quality items are typically made of durable materials
and are intended to last longer. This means I won't have to replace them as frequently,
which will result in long-term cost savings.

● Support sustainable brands: Many companies are committed to promoting sustainability.

By aligning my purchases with these brands, I can contribute to environmental
preservation while avoiding activities that harm the environment.

The government plays a role in all of this. What they can do is address the negative
impacts by:

● Providing subsidies
● Investing in infrastructure
● Raising awareness
● Adoption of legislation

Subsidies for sustainable packaging materials, textiles, and agricultural practices, in

particular, can be provided by the government. Furthermore, the government can raise
awareness of the environmental and social consequences of these practices, encouraging
consumers and businesses to make more sustainable decisions.

It is crucial to recognize that the government is not the sole entity capable of addressing
these issues. Businesses, consumers, and civil society organizations all play an important role.
However, the government can play an important role in setting the tone and providing the
resources required to move forward.