Brittany Adkins
Mr. Reuter
Economics A1
8 March 2016
The Economic Impact of the Fashion Industry
With a growing number of high value jobs that have high household income, fashion is now having a big impact not only in fashion centers on the coasts, but also in smaller cities around the country.
Fashion is a 1.2 trillion global industry, with more than $250 billion spent annually on fashion in the United States , according to industry analysts fashion and apparel industries employ 1.9 million people in the United States and have a positive impact on regional economies across the Country. New York City and Los Angeles are the two largest fashion hubs in the United States. Nowadays Jobs in these fields require more education and training and they also hold the prospects of higher wages.
Because of this large amount of employment fashion has created, it is thriving industry employing people in a diverse set of occupations across the United States. Apparel manufacturing is only one piece of the industry. As the industry has evolved, U.S. employers have changed with it, focusing on the higher wages. Because of this this will create a bigger demand curve for certain area of the work business.
This is a chart describing the want for the higher need of education. 2011 and 2012 people with an Associates Degree were right about the same employment rate in fashion as Bachelor’s Degree. As years continued the strive for demand of higher education to get into the fashion industry started to change.
Of course not everyone will agree with some of these statistics and believe that in most cases, the employment rate and thrive for the invest in high employment rates and these industries . They believe that this will help facilitate innovation in the fashion industry and benefit other industries in those regions as well.
However in conclusion I would disagree with that and state that because of fashion it is higher demand of everything such as their; design schools are arming graduates with the advertising, design, web, and other skills needed to compete in the rapidly changing global fashion industry. With the growing number of high paying jobs in the industry.
Work Cited
A lot of Americans of both genders have a high interest in looking the best by wearing the best. It shouldn’t be a surprise when it is a huge industry both domestically and internationally. In fact it is a good thing as it employs and educates a vast majority of people of all different races. Considering the diverse population of the US many people will have different tastes for different fashion. Therefore the fashion industry has to produce many different products for many different people. So this industry will continue to grow for many years to come as people will always want clothes whether it be a plain white t-shirt, or 2,000 dollar Yeezy’s people will buy them. Furthermore the fashion industry employs a lot of educators and has colleges specifically designed for training people to go into the fashion industry. Although most won’t consider the fashion industry a major player in our economy as heavy industry or defense, it's a serious sector of our economy that will continue to grow.
ReplyDeleteA lot of Americans of both genders have a high interest in looking the best by wearing the best. It shouldn’t be a surprise when it is a huge industry both domestically and internationally. In fact it is a good thing as it employs and educates a vast majority of people of all different races. Considering the diverse population of the US many people will have different tastes for different fashion. Therefore the fashion industry has to produce many different products for many different people. So this industry will continue to grow for many years to come as people will always want clothes whether it be a plain white t-shirt, or 2,000 dollar Yeezy’s people will buy them. Furthermore the fashion industry employs a lot of educators and has colleges specifically designed for training people to go into the fashion industry. Although most won’t consider the fashion industry a major player in our economy as heavy industry or defense, it's a serious sector of our economy that will continue to grow.
ReplyDeleteSeeing the numbers is crazy! I knew they were big for the fashion industry but that quite that big. Plus the amount of people who are in fashion is higher than I thought. In the coming future will the demand for education increase or will it decrease or stay the same? I feel that, like with every job, people will need a higher education. When people see that a person has an education compared to someone who doesn’t or has less of one, they generally pick the person with the better education. Not so much of what they are studying or did study, but that they have more experience.
ReplyDeleteTo be honest I do not know how accurate these graphs are because the more education you have the easier it is to thrive and get a job. When you are competing in the job industry no matter what one you are in if you are competing for a job the employer will choose the person with more education almost every-time. And with fashion the more education it's really the more experiences you have because in this market that's how you learn. So that's why I find the bachelors and associates degree comparison inaccurate.
ReplyDelete- Carson Cotterell
DeleteWith today's economy, there's more industries having troubles rather than increasing, but there are some industries in fashion that are growing. An example of this is pre-owned clothing. This makes complete sense due to the fact that more people have less money to spend and they can save by buying used clothing. The industries that continue to grow will help the economy to grow towards an a expansion in the economy rather than a recession. Good blog post.
ReplyDeleteI agree that the fashion industry is quickly growing and often a wide variety of jobs, from design to construction to marketing. Each of these jobs then requires more education, such as how a fashion designer would need a degree in design while someone pitching fashion designs would need a degree in business. This expansive range of qualifications and degrees opens up the fashion industry to people of all ages and experiences, from a 16 year old looking for a job at Kohl's to the president of an expensive fashion line. Overall, still many jobs are needed in a widening range of positions, more people can get jobs in apparel and retail.
ReplyDeleteIt isn't a surprise that the fashion industry is as large set as you showed, it is kind of illegal not to wear clothing in public so everyone needs to purchase clothing, and not to mention most people like to look their best and wear what makes them happy so they usually splurge a little to get what they want. Although the fashion industry is an important part of our society and economy, there are always businesses that are having troubling times to the point of closing their business. It happens in all types of markets and this one is no different. There are businesses that thrive and business that crumble, but lately the fashion industry has had more trouble than success, realizing this after reading the Michael Kors blog post. Also, yes the fashion industry creates a lot of jobs but I disagree with the chart you chose. If the chart is supposed to show an increase in the want/need for higher education it is not doing its job because the bachelor and associate degrees are the same length away from each other each year. That graph was also not very helpful because it didn't seem specific to anything, just showing some random data. But in spite of that the article was still great and gave me insight into the fashion industry, good job!
ReplyDelete