Salary vs Suit prices - Page 5
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I think your 1% rule is a good one. In the past I've generally budgeted to spend no more than 5% of my gross income (before commissions and bonuses) on clothing per year, total. I was in a fairly unusual situation, though - dual income, no kids, no debt, cheap rent. We've recently purchased a condo, so my new budget is no more than 0% of my gross income
My spending pattern is fluctuates extremely between years. Some years I spend only a couple hundred dollar in clothing and several thousands in some other years...
Mostly its just replacement and tailoring, with acquisition of some small statement pieces.
The average single person in their late 20's spends $1180 on apparel a year. About 3% of income.
The average married couple spend $567 per head per year on apparel ($1134)
It looks like married couples spend a lot less than single people in their late 20's. I guess they no longer have to look good :o)
Or, most of clothing items acquired last a good 5+ years nowadays. After an wardrobe is built, its mostly replacement costs.
I mean, some of the undergarment and seasonal items I acquired lasted a good decade. And my suits are 5+ year strong...
Finding the right price point depends on what the trade-offs are. I choose to buy suits ~1K, because I know I can get a quality suit and still have money left over for other things (shoes, travel, eating out, etc.) I could get a cheaper suit and have even more money for those things, but I feel that the trade-offs are not worth it to have a suit that I like, look good in, and feel comfortable in. Alternately, I could buy suits, for example, in the 2K range, but that would leave less for other things that I want.
Basically, my recommendation would be to find a price point where you don't continually question the purchase (i.e., did I spend too much/too little?)
Just my 2 cents.
Edited by JubeiSpiegel - 8/30/11 at 5:25am
I believe there was a similar thread a few months back asking how much should you make to justify an expensive suit, and it was all but conclusive. As some stated, to justify getting a $5,000 suit, some would only require $5,001 of income. Personally, i am in the $50,000 bracket, and i will have no hesitation in spending $5,000 - $6,000 on a suit from Savile Row, just my personal dream is all. I will add that i do currently have no dependents though. I have always said that as long as i have no children, i can pretty much even justify owning a Ferrari one day, last i checked it cost the average middle class family $200,000 to raise a child to the age of adulthood. Maybe that's the real tip here, don't have kids and get yourself 10 bespoke suits instead
Your personal dream is a bespoke SR suit? Really? Thats what you dreamed about as a kid?
Maybe waiting until you can truly afford it would make more sense?
I like your two coppers. As long as your other basics (food, shelter, transportation) are reliable and secure, you can afford a $500 good looking suit that will fit well and only spend as much as you won't question the purchase.
I did not know the dream police was going to pull me over for having sartorial aspirations, did not know there was a stature of limitations on such things I'll be sure to keep my expectaion speed limit under "realistic" next time officer.
Goddamn the bottom line is that there is no fucking "should spend" amount. It's unique to the individual. Making $100k in a business environment that demands strictly business casual will differ from an environment demanding a suit and tie daily, and both of these will drastically differ from a well-established and intelligent plumber. All three for the sake of the argument make $100k annually, but all three have different demands for the number and quality of suits they possess.
I work in a field that requires a suit every day. While I agree with those who said most people don't know the difference between a $500 suit and a $1500 suit, I'd choose the latter because I'm wearing it and I know the difference. If someone making 50k wants to feel good in a nice suit, more power to him! It's all personal preference.
Well, in theory, investments increase in value.
As this rarely occurs with clothing I'm afraid they would have to be considered consumables - or perhaps 'semi-durable' goods at best.
As much as many of us would prefer it to be otherwise.