The recession has made us rethink our fashion statements. It’s been well commented that the recession has to a great extent affected the fashion industry. Although recessions occur once every 15-20 years, this current recession we’re experiencing is going to have a prolonged impression on our whole of idea of fashion. We are living in a very practical age these days. Prior to these practical times, we revelled in the decadance of fashion - nothing was costly or too extreme - you only worried about being accused of being too dreary. Now though the fashion labels and fashion catwalks are copping a bad press. Even if you look at the more affordable brands, they’re suddenly under fire for getting their merchandise manufactured in overseas sweatshops. What’s happened? Why are people turning against fashion ?
First of all, fashion ain’t dead. In point of fact, looking on the internet there is ample competition between online fashion retail merchants (e.g. searching for jewellery and fashion accessories or Armani Watches) - a sign there is still strong demand and supply. It’s the old-school view that is expiring - of being dictated to by the established fashion labels. Fashion has always followed the public instead of the other way around, and today many matters are turning us off big fashion brands. For a start, people are now very much more conscious of globalisation, and showing off your clothing labels makes you look narcissistic and uncaring in many peer groups today. Secondly, it’s the economy, stupid! Fashion has invariably been seen as something of a luxury, not a necessity. In a recession, luxury items get hit the hardest. Lastly, people define themselves much more individually these days - peer groups are more tight-knit, there’s no big “tribe” to assimilate or fit in to, and fashion needs that sort of groupthink to sell in numbers.
How does the future look for fashion companies? Like ever, they must adapt to survive - create a greater range of clothing lines to cater to more corners of the market. If you’re a tiny store offering individual clothing at a decent price, the future looks bright for you despite the dreary economic days we are in. These days, individuals are blending their styles, buying from marketplaces and smaller, affordable fashion shops.