OK. We were told creative destruction is good, if some companies exit the market and are replaced by others that offer better value then resources are being allocated more efficiently, no?
It does appear that people prefer the convenience of internet shopping, though I also see that other firms still successfully apply the catalog model in specific markets, eg Harbor Freight which does this for construction tools.
People don't voluntarily lose money. Understand that and the world will way more understandable.
But nobody is arguing that they do. Rather, I'm saying that if some companies lose money on selling clothes and exit the market, there's nothing wrong with that.
Any name brand would rather send their unsold clothes to a landfill in India rather than allow their wealthy customers to see poor people wearing the clothes.
It's very very easy to spend much less on clothes. Buying a new handbag every 6 months vs maintaining a bag for 20 years isn't that much different in terms of effort, but one is unbelievably more expensive.
Rather have all people spend all of their money to the cent to buy clothes, to pay rent and to buy water tbh