Fashion Industry - Is It Surviving The Recession?
The downturn in the economic system has given us all a fashion rethink. It’s been well commented that the recession has to a great extent had a negative affect on the fashion industry. Although downturns in the economy are nothing new, this recent recession we’re experiencing is going to have a prolonged effect on our whole concept of fashion. We are living in a very pragmatic age these days. Prior to these pragmatic days we’re now living in, we delighted in the frivolity of fashion - nothing was really too costly or too excessive - you could only be accused of being too dull. Now though the fashion catwalks and labels are receiving bad publicity. And now that everybody’s mindful of globalisation, even nickel-and-dime fashion labels are getting criticism for employing sweatshops to manufacture their garments! Is it that everyone has become so very hard to please?
First of all, fashion ain’t dead. As a matter of fact, looking on the web there is strong competition between online shop traders (e.g. searching for wholesale accessories) - a sign there is still a great demand for fashion. What’s long gone is the old way we viewed fashion - of being dictated to by the big brands. Actually, fashion has always followed our lifestyles instead of vice versa, and today many matters are turning us off big brands. First Of All, young people are a lot more aware of globalisation, and flaunting your fashion labels makes you look narcissistic and thoughtless in many peer groups today. Second, it’s the economy, stupid! Fashion has always been a luxury, not a necessity. In a recession, luxury items are the first to be forgotten on the shop shelves. Lastly, people express themselves a lot more individually these days -we don’t need to be ordered what to wear or how to act, there’s no large “tribe” to fit in to or assimilate their thoughts, and fashion demands that kind of sheep-like thinking to sell in numbers.
What is the future for fashion companies? Like always, they must change to exist - create a greater range of clothing lines to supply to more corners of the market. If you’re a tiny shop offering unique clothing at a decent price, you have a strong business model despite the dreary economic months we are in. These days, individuals are fusing their styles, buying from marketplaces and smaller, inexpensive fashion shops.