Good question!
I'd say about a third of my wardrobe is in regular use throughout the year, but the items I'm wearing vary from year to year. I prefer to treat it as a working resource rather than expect everything to pull its weight, so I'm always happy to give space to something if it feels relevant. That said, I always wonder if I'm holding onto things when I probably shouldn't.
I'm happy to keep hold of
- things with very specific uses which are invaluable once or twice a year, such as rain boots. Used infrequently but I would not want to be without them.
- trophy pieces which had a lot of wear in the past, now worn only occasionally to preserve them, such as the VW pirate boots.
- items which don't fit my style for now but I can see myself coming back to. Particularly pleased I held onto the embellished jeans, velvet blazer, ruffled blouse etc.
- items with certain practical limitations (eg they're not good for bicycling) but I will reach for given the opportunity.
However, there's also a handful of things which are hanging around and I should just get rid of them.
- I keep thinking I'll figure it out, but signs are I won't;
- I want to like it and try to wear it but it always feels a bit wrong for some reason;
- I've worn it and liked it in the past, but now
- it's worn out and I should admit it.
- it just doesn't love me anymore.
- I put it on and it never looks quite the way I imagine it.
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ETA: If an item doesn't feel current, my question is always: is it classic enough to work with items that are? If the answer is no, how long will it take before it comes back around again? Am I prepared to wait that long?
Five years? Ten? It has to be worth the wait.