For decades the fashion industry has influenced the public. By demonstrating new forms of art in clothing.
The fashion industry has grown in diversity, and culture thus creating a larger audience. Around the world fashion has become one of the pillars of consumerism, the fashion business brings in $24 trillion dollars in annual value. The fashion industry is ranked seventh in GDP (leech).Fashion is a fast paced environment created to discover the newest trends and influence the public. Becoming a part of the fashion business is not an overnight job.
Being apart of the fashion world has it’s perks.Fashion designers can earn roughly a rough $79,000 (committee). Fashion designers need a bachelor’s degree in fashion design. You also need to have a professional portfolio, complete an internship and be ready to work days and night (city). One in four fashion designers are self employed(city).
However this job is very scarce there’s expected to be a decrease of fashion designers in 2012-2022 (city). The public has a greater interest in shopping then they had in previous years, apparel market is growing rapidly compare the the economic market (singh). In 2011 it was recorded that the apparel industry has increased 4.8% and shows no signs of stopping (singh). As shown on the chart by 2020 the Apparel market will grow 6.16% that is a sale of $1.65 trillion (singh).
Fashion constantly changes and the consumers are willing to change with it. The public is willingly to spend money to keep up with the new fashion trends. The most important week for all fashion designers is New York’s Fashion week.
New collections that were carefully created for months are finally displayed in all their glory. This event is only twice a year and it produces $900 million dollars(azureazure). New York’s fashion week brings in 230,000 well known fashion designers, aspiring fashion designers and fashion icons. This event is more popular than the new york marathon or the u.
s open.(azureazure). Another important event in the fashion industry is the Met gala. Its known at the “the east coast oscars”The met gala is the party of the year. The met gala is major event that helps and support the costume institute.
Celebrities show up dressed in extravagant dresses costing up to$35,000(soeller). A ticket to the met cost $30,000 a table to the met costs $275,000 (woods). The met gala roughly raised $12.5 million to the costume institute (woods). Designers benefit creating extravagant works of art hoping major named celebrities show up in their work. Major celebrities like beyonce has the privilege to wear a $3.5 million givenchy dress(duca).
The fashion industry is not the only one responsible for fashion trends. Fashion icons are to blame for people loving new trends or fads. To the classic little black dress or to the scandalous slip dress. Celebrities have a major influence of fashion designers. The red carpet is a way for designers to get recognition.Often times designers pay thousands of dollars to wear a dress to a certain event (weisman). Having a celebrity wear your garment is helping your business drive sales (weisman).The economic state also has a say in fashion trends.
When the economy is going through a crisis button downs, military jackets and military designs become popular. They can also be seen on fashion runways. Twenty-six percent of consumers said that socio-economic status is a major factor on fashion trends(deidre).When the economy is not flourishing ,fashion is one of the luxuries a consumer will endure to save money(fuller). As the economy decrease older trends come back to fashion. For example in the 1920’s long skirts came back because women could not afford stockings also known as the hemline theory. The fashion industry is a repetitive cycle. Many “new” trends are just older styles making a comeback (fuller).
This fashion theory demonstrates how the state of economy is. If many consumers are risking fashion decisions that means we are farther out the economic crisis (fuller). Consumers would rather play it safe and save money then Met Gala 2016: Cost to Attend and Celebrities Attending Wear risky clothing. During economic growth flashy sequins , glitter and fur are signs consumers want to stand out in luxury. The fashion industry has grown 5.
5% annually and it is worth $24 trillion, this goes to show how much of an impact fashion has world wide(Amed). It has the seventh highest GDP (amed). Even after how hard 2016 was regarding terrorist attacks and multiple other incidents consumer demand stayed at a low rate.Studies show fashion buys tend to be emotional buys if consumers endure horrible events they are likely to buy less. New technology in 2017 will help companies be more successful (Amed). In 2017 fashion growth grew 2.0-2.
5% this was a slight recover,but it helped recover 2016 low demand(Amed). Due to the economic,political, and environmental problems in the world the fashion GDP will not reach the highest point in 2017. World wide fashion dominates the economy , In sixth place with the market value of 37 billion dollars is the french luxury brand Hermès for the global top ten of largest fashion companies following montres tudor which has a marketing value of 34.
7 billion,Chanel 32.9 billion , and Dior 2 billion (fashionunited). Around the world in new countries fashion has impacted their economy. Countries like haiti,bangladesh and cambodia depend on fashion exports(Petruzziello). Fashion week has influenced many new fashion cities such as sao paulo,lagos and mumbai( Petruzziello).
the fashion industry employs 60 million people around the world. The fashion industry earned 2.5 trillion in revenue and is predicted to keep increasing. Fashion and its dependence on foreign imports has always been a difficult subject only 2% of clothing was made in america which means americans bought clothing made somewhere else(danziger). AAFA reports that shoes and apparel have risen 50% from its lowest point of domestic production(danziger).
Many of the brands we know and love create their clothing overseas but many americans are open to buying made in america clothing if it is available to them. Eight in ten americans prefers to buy made in america items. 60% they would pay 10% more for it(danziger). Fashion is expanding all over the world especially in latin america (Martinez).
Upcoming young artist are exploring their creative abilities, designing new and unique look incorporating their cultures. Karla Martinez expresses how different every latin american country is different. All the countries may speak spanish but culturally each country has a unique background. For example Colombia’s fashion industry has done amazing in the past years thanks to Johanna Ortiz (Martinez). Johanna Ortiz has become a fashion ambassador of colombia and has had runway shows in washington,and new york(wiki). In Mexico there is also a huge influence in textile industry artisans. Brazil,Colombia and mexico have dominated the latin american fashion industry. Many people are buying local colombian and mexican work when the dollar and euro are too strong (martinez).
The fashion industry may be the future but it is still having major issues with gender pay gap. According to the drapers salary survey women earn approximately average of £37,000, compared with £59,000 for men(thompson). A survey showed men holding senior positions compare to the percent of women holding top ranking positions. In an another poll it showed 60% of women working in fashion retail but only 20% females worked in a boardroom (thompson). The fashion industry is ruled by women but the high ranking positions like CEOs are managed mostly by men.
Only 1.7% of women have high ranking position in the fashion industry(moray). In the retail business on average a women can make $10.
58 an hour but a man doing the same job can earn $14.62(moray). To equivalate the salary a sale woman has to work 104 days.
Many organizations are trying to fight this. For example the united state of women summit held a meeting at washington , the goal of the meeting was to rally as many women to change the future for the next generation of young women(moray). The result was the equal pay pledge twenty-eight companies signed the pledge to help change the future.
With such a fast pacing industry the rules and regulations must also change. Fashion is the future and must lead a positive example by having diversity and accepting new ideas.China is another large group of fashion hungry consumers. Chinese consumers are willing to spend large sums of money compare to the united states and europe(Zhang). China’s fashion market allows new upcoming brands to flourish(Zhang).Studies show by 2020 china’s fashion market will be the second largest (Zhang).
The total of fashion sales are projected to triple by 2020. Rising to RMB 1.3 trillion dollars from RMB 398 billion in 2010 (Zhang). A report also shows how online shopping will rise 329 million (zhang). Online shopping gives a large opportunity for the industry to make more money. People below the age of 25 have been spending more money on clothes.
China has flourished it’s economy because of its large fashion background. Stores world wide has opened in chia because many of chinese consumers are willing to buy large sums of clothing.Fashion is not only about clothes, fashion is an art. The influence of fashion is world wide cultures around the world come together to create something new and diverse. Diversity should be celebrated and appreciates ,fashion embraces this.
The economy is massively influenced by fashion weeks and galas. Every new trend the economy is affected by it. In the age of social media fashion thrives and when fashion thrives so does the economy.
Consumer demands and the industry supplies. Celebrities help incorporate fashion trends by advertising them and the people respond immediately. Fashion is such an immense part of the economy.