How much is your wardrobe worth?

Closet full of clothes


Posted October 25, 2023

Whether your wardrobe is bursting with every garment you’ve ever owned, or it’s a more refined capsule collection, the cost of replacing your clothes could be higher than you think.

You don’t need to be a fashionista to care about the clothes you wear. A recent Australian Fashion Council report found the average Australian purchased 56 new wardrobe items per year.

Of course, some people spend more than others, but when you add in new fashion trends, the cost of school uniforms, work attire, activewear and everyday clothes, the total can add up significantly over time.

If an unexpected event such as a theft or natural disaster was to occur, this could impact some or all of your wardrobe. You may want to check your policy to avoid being underinsured when you need insurace coverage most. 

Here's how to calculate the cost of your wardrobe.

How much are your clothes worth?

It can be easy to forget to include the replacement value of your wardrobe alongside other items such as mobile phones, family heirlooms, jewellery, or furniture.

Many people may forget to include the value of their wardrobe, including clothes, shoes, bags and accessories, when adding up the value of their household contents, which could be worth more than you think.

How much would it cost to replace all your clothes?

When it comes to the cost of replacing an entire wardrobe of clothing and footwear, the figure may be suprising.

All it takes is a good pair of boots, a winter puffer coat and a designer handbag to push up the total value of your wardrobe. Remember, even if an item was bought on sale or from a thrift shop, it is important to consider what it would cost to get a new replacement.

Consider whether you need to update your insurance policy to cover the current value of your favourite clothes, shoes, and accessories. 


Handbag and accessories

Don't forget to consider handbags and accessories in your wardrobe inventory. Image: Getty

How to calculate the value of your wardrobe

Take photos of your clothes

This is a useful way to record your clothes and their condition, and may be handy if you need to make an insurance claim.

Do a stocktake

To estimate the cost of your clothes for your contents insurance, create categories such as suits, dresses, tops, jackets and coats, and list how many items you have for each category. 

This will help you work out your average spend for each category. You can multiply this figure by the number of items you own. 

Find receipts

It’s also a good idea to keep receipts for expensive items in case you need them, as the cost of similar items can vary significantly. A tailored made-to-order suit, for example, may cost significantly more than something off the rack.

woman folding clothing

You'll be surprised how many items of clothing you own. Image: Unsplash

The rise of vintage clothing

Do you have any vintage clothing? The vintage clothing market is popular and some price appreciation can occur. Research online to find out if your vintage clothing is increasing in value.

Don’t forget your shoes and accessories

While the number of shoes a person owns can vary; the brand, quality, condition, and number of shoes you own can quickly add up without you even realising.

Bags, especially those with a luxury or high fashion label, are another expensive wardrobe item.

Jewellery items are important to consider when it comes to adding up your collection, and looking into whether items like engagement rings, watches, designer glasses, family heirlooms or gifts need additional levels of cover, like optional portable items cover. 

Help protect your belongings with RACV Contents Insurance. 
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The information provided is general advice only. Before making any decisions please consider your own circumstances and the Product Disclosure Statement and Target Market Determinations. For copies, visit As distributor, RACV Insurance Services Pty Ltd AFS Licence No. 230039 receives commission for each policy sold or renewed. Product(s)issued by Insurance Manufacturers of Australia Pty Ltd ABN 93 004 208 084 AFS Licence No. 227678.