The Significance and Value of The Fashion Industry to the Economy

Fashion has proven overtime to be a very significant part of the economy due to its contribution to the economy. Fashion as an industry encompasses the art and process of sourcing raw materials for the production and manufacturing of clothing and accessories, design, retail, marketing, and other related products. It is not just limited to selling of merchandise but everything that culminates into the final product and goal.

The importance and value of fashion as an industry in the economy cannot be overstated. In ancient times fashion has been a way of either destroying an economy or boosting it. When the exportation of fabrics and outfits began in Italy, in the 1950s, Italy gained so much economic prosperity which led to the establishment and success of very upscale brands like Versace, Dolce and Gabbana and the likes of them.

Fashion as an industry has contributed to economic prosperity and growth over the years. The rate of importation and exports of fabric, garments, raw materials among countries because of the fashion industry is on the high side. Given that fashion itself has three to four seasons a year when it comes to designing (namely fall/winter, spring/summer, Resort fashion) wherein new sets of collections are produced. Seeing that manufacturing is on the high side and exports and imports are a constant aspect of this industry, fashion fosters international trade and a country’s growth in this area. It not only encourages growth but co-operation among countries who are in constant business together.

Fashion as an industry bridges the gap between arts and culture. It is closely related to architecture, pop culture, film, music, and photography. Fashion draws inspiration from these things and it is obvious in the collections being designed and produced. Right from the Medieval era, fashion garments began to depict scenery, architecture and this is seen even till today. Hence, the creativity in fashion draws its inspiration from all aspects of life. It not only serves as a way of connecting us to our roots but it gives the opportunity to be in touch with the latest changes happening around us that allows for growth.

Sustainability and ethical fashion are a big part of fashion as an industry which is fast evolving. As many brands and businesses tries to adapt to this, there is a lot of job opportunities in this area. The study of sustainable practices, Business ethics, how to reduce the carbon footprints of a brand, sustainable materials to use and many more are topics of interest and research is ongoing in these areas as to how brands can inculcate sustainable practices in their production process. As businesses begin to adapt and incorporate these practices into their businesses, environmental problems are easier to tackle by the government and regulations are easier to be put in place.

Job creation: Fashion has led to the creation of many job opportunities. Being a wide and diverse industry there is a need for fashion illustrators, fashion stylist, models, manufacturers, tailors, designers, teachers and professors, managers, buyers, merchandising associates, fashion photographers, retailers and jobs that are related to logistics and supply, raw materials sourcing, and business managers, fashion media experts, fashion data analysts and many more positions that needs to be occupied before the fashion as an industry can be run smoothly. The fashion industry is interdependent with the creative industry at large as it cannot survive on its own, therefore, the more fashion jobs are created and filled out, the more an economy is affected or impacted.

In a research carried out in 2019, it was stated that apparel manufacturing industry employs nearly 123,000 workers in the United States. In 2017, New York City’s fashion industry employed 4.6 percent of the total private-sector workforce and generated more than $11.3 billion in wages and $3.2 billion in tax revenue. New York Fashion Week had a greater annual economic impact ($600 million) than the Super Bowl ($347 million) and generated more income than its rivals London, Paris, and Milan, combined.

The extent to which fashion thrives in an economy shows how developed and healthy an economy is. During the World War 2, in 1939-1945, fashion trends and silhouette were all military inspired. Clothing was regulated and everything was knee length. There was a great rationing of fabrics. There was barely haute couture at this time in the affected areas because many design houses were forced to close their doors. However, when the economy began to recover from the war, the silhouette began to change to allow for longer garments and upscale designs, fuller skirts, more structured and complicated designs.Adoption of trends and fashion style seasons goes a long way to tell how well an economy is doing.

In conclusion, fashion as an industry can drive sales and boost an economy because fashion is beyond just wearing clothes. It portrays a people’s culture, beliefs, self-expression, standards, just as it portrays a part of life that we cannot do without. The level of consumption is very high, enough to impact the economy in a positive or negative. way.