Back in the day, having a knock-off of a high-end brand could have potentially been embarrassing. You might’ve tried to hide your copycat clothes or bags to avoid being called out. Not anymore.
If you’re on TikTok, you’ve likely seen a video – or a thousand – on the dupe economy. Do a quick search with the hashtag #dupe, and you’ll see scads of TikTok influencer videos sharing less-expensive luxury brand alternatives.
And with a reported six billion hashtag views – mostly millennials and Gen Z subscribers – as of last year, clearly, younger generations are embracing this new trend.¹
Here, we’ll cover the dupe economy, the economic factors fueling it, and how participating can help you save money.
What is the dupe economy?
Want to look like you’re toting around a $15,000 Hermès handbag for only $40? What about a $3,000 replica Cartier ring you scooped up during a Black Friday sale on Amazon for only $100? Or maybe a “dupe” of an $80 foundation for only $8 at Target? Not only is this possible, but it comes with bragging rights.
The “dupe economy” is a shopping trend in which you buy “dupes,” or inexpensive versions of designer or premium brands.
You’ll find videos on TikTok of influencers reviewing the dupes against the high-end versions. Influencers argue that many of the dupes are made of the same ingredients and materials, and are of comparable quality to the pricier products. Unlike in the past, when wearing fakes could be frowned upon, buying dupes is often met with kudos.
How to get started “duping”
With so much online content on where to find dupes readily available, you can prioritize value and your financial needs if you’re on a limited income. To get started, think about what kinds of designer goods you’d like to find dupes of. Or, maybe there are spending categories where you’d like to shave off some dollars.
If you’re a Chime member, you can check your transactions on the app or download your bank statements. This can help you figure out where you’ve been spending more than you like. Maybe it’s on clothes, makeup, or gadgets. This can help you figure out what types of products you’d like to kickstart your “dupe” journey.
From there, you can find TikTok dupe reels for comparison videos or ideas on where to discover dupes. Start small and see how it goes. Only try dupes on products that you’re comfortable with. If you’re not confident about the quality or have other concerns, check the retailer’s or online marketplace’s return policy.
Why has the dupe economy become so popular?
Inflation and the rising costs of goods play a big part in what’s fueling this social media fad.
That’s no surprise, as wage stagnation continues, coupled with mounting student loan debt.²,³ That’s not to mention that, according to a recent Chime survey, Gen Z is twice as likely to get hit with bank fees. These bank fees, on average, can cost $78.
The financial anxiety coupled with fewer funds to spend likely makes online trends like dupes take off.
How the dupe economy can save you money
Aside from scoring great finds, the dupe economy can save you money and boost your overall financial health.
Here are some ways participating in the dupe economy can help you save:
Cheaper purchases help you live within your means
Buying luxury item imitations can help you stick to your budget – and make you feel good about your purchases. It’s an affordable way to look stylish, fun, and glamorous for far less.
Lowering your costs without raising your income is a smart, helpful way to make every dollar go further.
Avoid debt
You can avoid credit card debt and Buy Now, Pay Later (BNPL) plans by trimming down your discretionary purchases. As an added bonus, the money saved can pay off your credit card debt more quickly.
Put savings into money goals
Reach your financial goals with savings made from buying knock-offs. Possibilities include tucking away cash for an emergency fund, a vacation, or college savings.
To make it easier, consider automating your savings. As a Chime member, you can set up automatic savings to save steadily without any extra effort. Digital nudging, like push notifications, text messages, and emails, can also provide helpful reminders and support your money goals.
A safe space to share financial woes
The dupe economy is a good indicator that another popular TikTok trend, loud budgeting, is here to stay. By limiting expensive social activities, you’ll choose less-pricey alternatives because you’d rather put your money toward your financial goals.
A big plus of the economy-related TikTok trends is that they’re removing the stigma behind being a super saver and making it easier to be more candid about our money situations.
Embrace a financially savvy, more frugal you
Make the most of the popularity of the dupe economy and feel thrifty and fashionable without:
- Putting yourself in debt
- Breaking your budget
- Spending money on frivolous things instead of buying things that matter the most to you.
So go ahead, wear and use dupes with pride, knowing that your money habits align with your values.
To learn more about social media trends that can help your finances, here’s our take on underconsumption.