Fashion & the Economy

Join us for another fashionable Friday, talking fashion with my dear friend, Victoria R. Watkins, Esq. of B.A.F.F.L.E.D.

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While the economy is supposedly on an upswing, many of the impacted industries have now learned the lesson of flexibility. Like many other markets, the fashion industry struggled when the economy took a downturn. Just the same, the industry found ways to adapt and continue to prosper.

The Introduction of Fast Fashion
As the market has changed over the last three years, “fast fashion” has become a dominating force. Fast Fashion is the rapidly emerging trend of quickly produced designs hitting the retail floors in as little as one week. Some brands, like H&M get shipments at their large metropolitan stores up to three times per day, to keep store racks full of the low priced, yet fashionable selections.

Eco/Green Fashion
As a means for saving the planet, the fashion industry is doing its part to “go green”. Many stores are creating eco-friendly shopping spaces, pop-up stores, and promoting the use of reusable shopping bags. When savings can be made on overhead and incidentals, those same savings can be passed on to consumers.

Luxuries Built to Last
This trend is not so new, but has been of great importance in this changing industry. Large luxury brands like Gucci, Louis Vuitton, and Chanel stand by their promise to provide lifetime guarantees on their goods. This promise has become increasingly important in a market where money must go a long way.

Investment Fashion
Although online shopping has taken a greater role in our changing economy—especially with physical stores closing, being just an online outlet is not enough these days. Now, online vendors are even allowing consumers to get involved in the experience by offering opportunities to buy into the company, or get discounted rates by supporting the brand financially, and donating to special causes close to them.

Fashion is all about the experience, and these trends are surely giving consumers new ways to enjoy shopping.

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