Jessica Brothers
2/16/2015
B4 Economics
Economic Impact of New York Fashion Week
Currently, some of the most famous fashion designers are gathered in New York City to showcase their upcoming collections in a popular seven day event known as the Mercedes-Benz New York Fashion Week. This event, spanning from February 11th until February 19th, attracts a wide range of celebrities and other trendsetters who love to attend their favorite designers’ shows. This spectacular occasion, one of fashion’s biggest, isn’t just about the immense excitement it entails, but rather the amount of economic prosperity it brings to the already glamorous New York City.
This fashion week alone is one of the most profitable events that New York hosts. The top notch shows and big-name consumers “generate an an annual economic impact of $887 million, according to a newly released analysis by the New York City Economic Development Corporation” (“New York Fashion Week”). The amount of money that the city makes off of this event annually is more than that of the U.S. Open, the New York City Marathon and the Super Bowl (“New York Fashion Week”). New York Fashion Week attracts some of the most wealthy people in the nation which may be an explanation as to why its income exceeds those other huge events. The amount of quality designer clothing and products is also very scarce compared to the copious amounts of other types of clothing and products in the world. Because of this scarcity, there is a very high demand for these one of a kind pieces. Since there is a great amount of demand, especially from the high class portion of the population, the amount of money people are willing to pay skyrockets and along with that so does the profit.
Not only does New York Fashion Week generate an enormous amount of revenue but it also opens many employment opportunities. Tons of jobs are created because of the work it takes to put on fashion shows and run the event as a whole. During this extraordinary week, “about 180,000 people are employed in the fashion industry in New York” (“New York Fashion Week”). This is an insane number of jobs that kick off and benefit many people. Models are called to walk the runway, make-up and hair artists are called to beautify the models, journalists and magazine workers line the runway, and the list goes on and on. New York truly gains economic praise through the employment opportunities that this fashion week attracts. There is fuller employment, which is a huge goal that any economy strives for, and The Mercedes-Benz New York Fashion Week couldn’t ensue without the labor, or workers behind it.
Overall, New York Fashion Week is truly symbolic of the mostly free-market economy that the United States obtains. Fashion designers and buyers both come together to make decisions in order to sell and consume products, in this case, clothing. This fashion occasion brings the glitz and glamor that New York City is known for, while also improving the economy there. After all is said and done, hundreds of millions of dollars are made and new jobs are created from this star-studded event. The Mercedes-Benz New York Fashion Week has a positive, powerful impact on the economy as a whole.
Works Cited
“New York Fashion Week continues with splashes of color, Snapchat.” CCTV America.CCTV America, 16 Feb. 2015. Web. 16 Feb. 2015.
https://www.youtube.com/watch?v=7YGqqHJCujg
Fashion Week is always one of my most favorite times of the year, and I’ve never really thought about how it impacts the economy, but it’s a really great topic. There are a ton of people involved that help impact the labor. Also, it’s a great example of how America has a free-market economy, as you pointed out. I never realized just how much money it makes! This article shows how great Fashion Week is for the economy.
ReplyDeleteI had no idea that a fashion week would bring in that much money. I shouldn't really be surprised, but its really interesting how big of an impact it actually has. 887 million... New York is banking. That being said in the article it does say that celebrities and other wealthy people attend these events so there is definitely money to be spent.
ReplyDeleteThis topic was one I would never have thought to use! It is very unique and interesting to learn about. I had no idea how much money was brought in through this week long event. It also a positive to see that more jobs are available to increase the number of NYC citizens that are employed. It could even put some new faces out there in the fashion world to start their new careers and open up many opportunities for those newbies to become something much greater. I would assume that this great reveal is anxiously awaited, and people would pay whatever possible to get their hands on those valuable pieces. Overall, you did a very nice job and I would love to look into this topic some more.
ReplyDeleteI've heard of the New York Fashion Week in passing but I never considered how it impacted workers, much less the economy. The dresses (I'm assuming) are one of a kind and that does make the demand for them go up, but when are the consumers ever going to wear them? It doesn't feel like they thought about the marginal benefit or cost to purchasing the clothing. The dresses, the ones that I've seen, are meant to be worn on the run-way or at extremely fancy galas, not everyday purpose. Even with the celebrities and millionaires in the crowd buying them, it seems more like a purchase to own it so someone else does not.
ReplyDeleteI love that you choose a fun and light topic that is interesting to learn about! I truly had no idea how much money New York Fashion Week generated, it's crazy to think that it's more than big sporting events. A positive thing I found in your article was how many jobs are created from this one week extravaganza. Just how you stated, the fashion week could not go on with out all the labor and hard work behind it. You also did a nice job of using words that pertain to economics like the scarcity of the clothes but the high demand of this fashion with folks who are wealthy. Overall nice job and great topic!
ReplyDeleteI knew that Fashion Week made a bit of money but I never knew that it was $887 million, which is completely insane. I think you wrote pretty thoroughly about the economic benefit of this and the fact that the pieces of clothing showcased are scarce, which I never really thought about but it's true. One thing I'd like to know just because I'm mostly just curious is how much is costs to put fashion week together; with the actual runways, clothes, makeup, ect. Overall, I really liked reading this, it was very interesting and I learned a bit more about Fashion Week that I probably wouldn't have otherwise known.
ReplyDeleteI was astound to find out that New York makes such a large profit off of the fashion show and that the New York Fashion Week employs a large number of employees. I saw the Snapchat story of the New York Fashion Week and had no idea of what was happening behind the scenes and all that goes into it.
ReplyDeleteOverall, this piece of writing was seamless. Even when you added in the vocab words it still flowed. Also, you tied fashion to economics very well. I never really thought of how much money and time goes in to these fashion shows. People are paid to create the details of the show from set making to marketing it to the general public. Then there are people who are paid to be at the show for a couple weeks in order to fix clothes, sell clothes, dress and put on the models make up, it is a lineup of people that adds up to that $887 million impact on the economy. You could have also added the scarcity of the hotel room and fancy restaurant seating. People who come to see this show have to pay top dollar to eat how they normal do at home, which I’m sure is not your average family meal, and then pay for the luxurious hotels they think they need. Overall, this was a great way to tie an interesting topic to economics.
ReplyDeleteI had no idea Fashion Week was going on right now, how exciting! Well, it's technically coming to an end tomorrow. It's hard to believe that this event makes more money than significantly more popular events such as the U.S Open and the Superbowl. I'm sure it makes its biggest profits out of the enormously rich celebrity fashionistas. I think it would be really fun to be in New York over this period of time and maybe get to see some runway shows. Even though the fashion features clothes that no one would wear on a daily basis, it still would be fun. Overall, great topic and congrats to all who participated in this popular event in New York.
ReplyDeleteI was surprised to read that the New York Fashion Week makes more money than events like the Superbowl, especially when considering how much just one ticket costs. However, I suppose it does make sense. The Fashion Week incorporates high society designers, celebrities, and models, all of which must have very high net worths. If these people are both willing and able to spend that time and money, the influx of money would be greater than that of the Superbowl, where those in attendance span more social classes. There is also the expense of travel as well. Overall, several interesting points were made here, and the Fashion Week absolutely has a measured effect on the economy.
ReplyDeleteIt is crazy to think how much money an event like this can bring in. I would have never thought that a fashion show would be able to bring in more money then mainstream events. I have seen some of the pictures TV and they look crazy. It is smart for New York to host such a large event and get all the revenue. I am not sure if it got so popular by the people who would go to the show or because people actually like the clothes being presented.
ReplyDeleteI was absolutely shocked that this fashion show brought up to 887 million dollars in a simple week! Even a bigger shocker was that it made more money than the Super Bowl, because the Super Bowl just seems to be more popular. I never knew that a fashion show could create job openings, and held almost its own free market economy.
ReplyDeleteJess, I had no idea that fashion week was going on at the moment. I was really surprised to find that this event makes more money than significantly more popular events such as the U.S Open and the Superbowl, especially when you take into consideration the price of one ticket. However I guess that it does make sense that it has a huge impact on the economy considering the sales of the clothing after fashion week and the dressers of famous people willing to pay for the designs. Not to mention that the seats are filled with other designers, celebrities and models, and obviously if they are there they are willing and able to buy the designs creating a economic impact than the Superbowl. After reading your blog post I realise just how much of an impact events like fashion week actually have on our economy, and it makes me wonder about all the other smaller events that people and companies throw and how much of an impact they can have on the bigger picture.
ReplyDelete: I agree that fashion week has a very positive effect on the economy. Seeing as I hold a very high interest in fashion design, colors, and collaborations, I can understand what all the hype is about. These well known fashion designers create beautiful pieces that anyone would be lucky to have in their closet. Seeing what these fashion icons create for “next season’s style” is celebrated in a big way; bringing money in while bringing many close together.
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