Daniel Kramer - Fashion

How do economic issues shape fashion trends?

Mar 31, 2021

Fashion is one of the fastest-growing and changing industries in the world. With a constant demand on the market, fashion will always exist, no matter the changes from the other aspects of life. It is also one of the industries that produce big revenues to the state, if not the biggest ones. There are some countries whose main source of revenue is the fashion and textile industry. That clearly speaks of the importance of fashion, clothing, and its constant change and keeping up with the various fashion trends. 

Lately, we have all been witnesses about how one event can influence our entire existence, and with that, affect the overall revenues and income of a state. With the hit of the pandemic, many factories and production units were forced to close their doors, and later, that even resulted in decreasing or letting go of a number of workers, all because of the fact that there was no income so that salaries could have been paid. This points out in the clearest and obvious way that economy and fashion are really tightly connected, and it will continue to be like time for some time. 

One other thing that needs to be taken into consideration is that fashion reflects the temper of the times. This means that when a country is stable, in all aspects, especially economically, then, frivolous fashion dominates over the other trends. However, during unstable times or periods, other types of fashion starts to prevail such as more practical and sensible one. Changes in the economy bring consecutive changes in the fashion industry, which can be seen directly affecting the apparel companies. Fashion as such is always headed in a direction where it will deliver something new, make progress on different markets, change the perception of certain styles, cuts, colors, etc. For example, a dress is not just a clothing piece, an object that women put on themselves. It can also be something more such as a symbol that stands for the meanings which are not inherent in the material or object. This means that when wearing a dress, the physical body reflects the social body as well as the surrounding social system. 

A social display in society is directly linked to the display of wealth. People tend to imitate those who are above them, with their fashion choices,  so that they can move up the social ladder. There is a true and very common example of this issue. Namely, luxury and fashion go hand in hand, and one's luxury clothing and choice only depend on their economic situation. That is why, the market is flooded with fake clothes and accessories, that resemble the look of the luxurious one, coming from the popular fashion houses and brands. This clearly and evidently speaks of people's willingness and desire to be a part of some more luxurious fashion choice, however, as the economical situation does not allow it, they ending up getting themselves fakes so that they can just enjoy a bit of that taste. 

Fashion has always been a status symbol throughout human history. That is why fashion and luxury are so tightly connected. If the big names in the fashion and clothing industry would go down some economic slow-down or a hiccup caused by some event or situation, the results will instantly represent through their manufacturing and production units. If there is no sufficient influx of money to scale the production of clothes, it will result in cutting down the production and trying to sell everything that is already produced so further losses can be prevented. One such example is the presence of some fashion trends over the last two or three seasons. For example, oversized shirts or wide-leg jeans would be only a one-season fashion trend. However, due to the appearance of the pandemic, shutting down the production lines, and ending up with a surplus of clothes, these trends have continued to dominate this season too. 

(Source: Coveteur) 

The fashion industry is always linked to the economic status of the home country, and it is unable to escape or to avoid the changes that are happening. Whether there is an increase or decrease in the economical wealth of the country, fashion will always remain to be influenced and shaped through the economic changes of a country. Because of this situation today, many predict that the fashion industry will experience a bit of setbacks through the following years. However, all the sections of the fashion industry are continuously facing the need to adapt, evolve and grow. Staying afloat on the market for fashion can be easy, but it is up to the companies themselves to be constantly looking for something new, changing, and evolving with the needs of the market and the economic situation of the market. How the fashion trend comes and goes greatly depends on the economy. To be able to keep up with the changing fashion trends, one needs to have the economical means to do so. That is why we see a repetitive appearance of some trends. This is greatly influenced by the economic issues in some of the most dominant fashion countries in the world, which set the fashion pace for the rest of the world. If not os regularly, at least seasonally, people are trying to keep up with the changing trends. 

To sum up, like many other industries, fashion is also subject to economic issues and the state of its country. If the economy is booming, the fashion industry will constantly introduce new fashion trends, invest in manufacturing, development, advertising, and selling. Otherwise, everything comes in the second plan and the fashion trends only become adapted to the current economical situation. 

daily updates to your inbox

Daily Top picks from over 400 leading Fashion Magazines, Blogs and Social Media profiles delivered straight to your inbox - always for free!