By Jessie Keep
Bourne, Leah. “The 50 Most Powerful Women in Fashion.” StyleCaster, 10 Mar. 2017,stylecaster.com/fashion/fashion/251356/the-50-most-powerful-women-in-fashion/.
The fashion realm is dominated by women, taking up 80% of the industry. Within today’s continuously evolving marketplace, fashion and pop culture has influenced economic trends by becoming a driving force that shapes consumer behaviour and market dynamics. Trends have a cyclical nature, causing changes in market demand and consumer preferences that often fluctuate.
Take the evolution of streetwear as an example - once relegated to niche urban markets, it is now one of the most popular fashion choices that dictates global runways. This is due to the boom in popularity of fusion between fashion and music culture. Widely known brands such as ‘I.AM.GIA’, launched by the successful sisters Alana and Stevie Pallister, exemplify this crossover, leveraging off cultural influences to create a higher market demand, and creating inspiring collections that drive both fashion trends and its market value. The Pallister’s took off with the idea of replicating the aura of being an ‘IT girl’ and allowing women to feel empowered in the clothes that they wear.
The economic force of the fashion industry, valued at $1.7 trillion dollars as of 2022, has allowed significant contribution to global GDP (Gross Domestic Product) and employment. Luxury conglomerates including ‘LVMH’ and ‘Kering’ embody the showcasing of how fashion’s economic footprint is able to resonate across sectors, from manufacturing to luxury retail.
Social media has become a game-changing factor in how trends are amplified and influence consumers. ‘TikTok’ is an example of a platform that has drastically changed pop culture and fashion industries. Brands such as ‘Aritzia’, owned by Jennifer Wong, have grown significantly due to growing fashion trends on TikTok, causing an increase in demand for their products by consumers. TikTok’s ability to propel content across many different audiences allows fast distribution of trends, forming consumer choices and magnifying trend visibility which solidifies the connection between pop culture and economic impact. Cultural touchstones in music, media, and art serve as catalysts for trends. Media such as the film ‘Black Panther’ has transformed consumer demand towards African-inspired fashion. Sales in markets such as African textiles, jewelry, and accessories experienced an increase, contributing to the growth of the global fashion market and therefore helping growth in international trade and employment.
However, the fashion industry struggles with a dichotomy - fast fashion versus sustainable manufacturing. Fast fashion giants, such as ‘H&M’ and ‘Zara’, thrive on catering towards affordability and rapid trend turnover. Sustainable fashion brands, such as ‘Patagonia’ and ‘Everlane’, focus on ethical production and environmental consciousness in their production. This issue sparks debate on the economic viability of sustainable fashion in changing market landscape. Conscious consumerism is rising rapidly as consumers increasingly value transparency and ethical production from brands, impacting all parties involved in the production of fashion from suppliers to retailers.
In conclusion, trends serve as economic mirrors, reflecting societal changes and consumer behaviour. They propel industries forward, allowing the sculpting of economic landscapes, all whilst embodying the mixture between cultural influence and commerce. Furthermore, due to a large percentage of women in the fashion industry, it provides opportunities for women to become trendsetters and give them a form of control over their own economy.
Works Cited
“8 of the Raddest Streetwear Brands Owned by (& Made For) Women.” Elite Daily, 6 Sept. 2019, www.elitedaily.com/p/8-streetwear-brands-owned-by-women-that-are-about-to-take-all-your-money-18729895. Accessed 19 Nov. 2023.
“15 Fashion Brands Dominating TikTok in 2023 - Goat.” Goatagency.com, 4 May 2023, goatagency.com/blog/social-media-marketing/tiktok-fashion-brands/.
Behera, Sushree. “Fast Fashion Industry: The Human, Social and Economic Impact.” World Excellence International, 29 Nov. 2022, www.worldexcellence.com/cost-of-the-fast-fashion-industry-impact/.
Eldor, Karin. “The Creative Mind behind ‘It’ Brand I.Am.Gia.: Alana Pallister.” Forbes, www.forbes.com/sites/karineldor/2019/05/13/the-creative-mind-behind-it-brand-i-am-gia-alana-pallister/?sh=267840b16920. Accessed 19 Nov. 2023.
“Fashion and the Circular Economy.” Www.ellenmacarthurfoundation.org, www.ellenmacarthurfoundation.org/fashion-and-the-circular-economy-deep-dive#:~:text=boosting%20clothing%20care.-.
“Global Fashion Industry Statistics: All You Need to Know | ProfileTree.” Global Fashion Industry Statistics, 2 Apr. 2023, profiletree.com/global-fashion-industry-statistics/#:~:text=The%20global%20fashion%20industry%20is.
Hill, Emil. “The Transformative Effects of Black Panther.” Medium, Purpose Decoded, 28 Feb. 2018, impact.webershandwick.com/the-transformative-effects-of-black-panther-99dadce1a540.
Koss, Hal. “What Is Conscious Consumerism? Where Did It Come From? | Built In.” Builtin.com, 29 Nov. 2022, builtin.com/marketing/conscious-consumerism.
“The Women Who Make Our Clothes Are Invisible. It’s Time to Change That.” Fairtrade International, www.fairtrade.net/news/the-women-who-make-our-clothes-are-invisible-its-time-to-change-that#:~:text=Today%2C%2080%20percent%20of%20textile.
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