Economics and Fashion

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In terms of job creation, look no further than New York City, often described as the “Fashion Capital of the World”. “New York City’s fashion industry employs 180,000 people, accounting for 6% of the city’s workforce and generating $10.9 billion in total wages, with tax revenues of $2 billion. An estimated 900 fashion companies are headquartered in the city, and in 2012, there were 13,800 fashion establishments here” (Nycedc). The fashion industry in the United States has a significant impact on wage earners as well. According to the Bureau of Labor Statistics, “fashion designers earned an annual mean wage of $73,930 in 2010, over $25,000 more than the average for all occupations” (Bureau of Labor Statistics)

The modern fashion industry is built on instant gratification, fast fashion. Consumers like to purchase as many items as they possibly can, for as little as they can possibly spend. Consumer spending in the fashion sector can be impacted by recessions, but will continue to be a driving force in modern consumer based society. When money’s tight, fashion is one of the first indulgences a consumer will sacrifice to save money. Frugality becomes more important than trendiness. “Though one may need a replacement pair of jeans when an old pair gets holes from wear or a warmer coat when the weather gets cold, for most people across the socioeconomic spectrum, the purchase of clothing is far from limited to these kinds of situations. Nearly all of us inevitably participate in fashion, even if we do not try to follow it” (Hemphill).

While the love for clothing and the fashion industry is a part of many individuals everyday life, others may see it as an inconvenience or a repetitive task they have to do to get through their day. Another reason why others see clothing as a hassle is because of the high expense that comes with it. Consumers with less disposable income, modest lifestyles, or sociological reasons (such as religious observance) may not find fashion to be very important and may not incorporate it into their lives. Most consumers however, choose clothing as worthwhile expense, but many are not afforded the opportunity to freely use their extra income to make such purchases.

Fashion allows individuals in society to express their character by falling into a crowd or setting themselves apart from one, depending on how they choose to express themselves. Fashion ranges from mass market discount to high end luxury and all the points in between. The Fashion industry drives jobs across the globe, and with it the economy as a whole, and no matter the trend, will continue to play a vital social and economic role in today’s world.

Fashion continues to be a defining fact of many people’s lives, and especially those who appreciate it. The industry is responsible for many aspects of peoples’ daily lives, which many may never even realize or care about, but the influence is there, none the less. The business of fashion will continue to grow and evolve in the future world market. Its impact will continue to be felt for ages to come. While the economic impact of the fashion industry should be of importance to all, it is more widely appreciated through its social impact. Fashion and clothing should be appreciated by others because it is something that can set you apart from the crowd. It can be a form of expression of your background, your culture and how you perceive your inner self. When you put effort into something, such as clothing, it shows you care, it shows your willingness to put effort into all aspects of your life.