The downturn in the economy has made us rethink our fashion statements. been well pointed out that the recession has to a great extent impacted the fashion industry. Although downturns in the economy come and go, this current one we’re experiencing is going to have a prolonged effect on how we see fashion. We are living in a very pragmatic period these days. It used to be that decadance and frivolity were part and parcel of the fashion scene – there was no such thing as too pricy or too outrageous. – you only worried about being accused of being too lacklustre. Not so today though : the fashion labels and catwalks are copping bad publicity. Even if you look at the mid-range labels, suddenly they’re under fire for getting their merchandise manufactured in overseas sweatshops. So what’s going wrong? Why is it that the public are turning against brands like this?
Firstly, fashion isn’t dead. As a matter of fact, looking on the internet there is strong rivalry between online store sellers (e.g. looking for wholesale pashminas and shawls or Armani Watches) – a sign there is still strong demand and supply. It’s the old-school mindset that is expiring – of being dictated to by the established fashiong brands. Actually, fashion has always followed our lifestyles instead of the other way around, and today many factors are turning us off big labels. First Off, young people are now very much more mindful of globalisation, and flaunting your fashion labels makes you look selfish and inconsiderate in certain circles. Secondly, it’s the economy, stupid! Style has invariably been seen as something of a luxury, not a necessity. In an economic downturn, non-essential items get hit the hardest. Finally, individuals express themselves a lot more individually nowadays – peer groups are more tightly knit, there’s no huge “clan” to assimilate or fit in to, and fashion needs that type of sheep-like thinking to sell in large amounts.
So what does this mean for fashion labels? Like ever, they must change to survive – create a wider range of fashion lines to cater to more niches of the marketplace. If you’re a tiny store offering unique fashion lines at a decent cost, the future looks bright for you despite the dismal economic days we are in. Nowadays, individuals are blending their styles, buying from markets and more personal, bargain-priced fashion stores.