It is clear from extant theory that fashion consumption is intrinsically bound to self‐concept and social identity. As such, many individuals over consume in pursuit of ideal identities, particularly in periods of heightened awareness of identity development, such as their youth. This study thus takes one group of fashion over‐consumers, young females, and seeks to identify core motivations towards and barriers for collaborative consumption of clothing and fashion products, though the lens of self‐identity and social interaction. The study adopts a theory of planned behaviour approach, using in‐depth interviews to examine norms of behaviour in fashion consumption and develops a conceptual model for understanding of how these individuals construct a fashion identity within the social contexts of four alternative forms of consumption (renting, borrowing, swapping and purchasing second‐hand). Furthermore, the study examines perceived barriers to participation in these four alternative fashion consumption forms. The study finds that social and ethical implications of sustainable consumption behaviour are the least likely motivators towards engagement with collaborative fashion consumption models within this group, and that opportunities for individual identity expression are the most sought after benefits of such engagement. This research contributes to the literature regarding sustainability issues generally, in the context of fashion consumption, and deepens one’s understanding of young female consumers’ willingness to participate in sustainable consumption actions.