Here’s Why the Fashion Industry is Important

1. Here’s Why the Fashion Industry is Important There’s no doubt that fashion has played a remarkable role in society. The global fashion business is estimated to employ over 75 million people worldwide, formally and informally. Global fashion retail sales (including footwear) reached an impressive USD 1.9 trillion in 2019, and this figure is expected to exceed USD 3 trillion by 2030. Despite the pandemic and other economic setbacks, the fashion industry enjoys positive growth, most especially in the Asia Pacific and in emerging markets in Europe. The industry has come a long way since its roots in the early 1800s when the world’s first fashion designer, Charles Frederick Worth, set up a fashion house in Paris. By the 20th century, Paris became a global superpower in fashion. The late 1900s gave birth to some of the fashion world’s most recognizable names. To this day, Christian Dior, Yves Saint Laurent, Pierre Cardin, and Coco Chanel remain a source of inspiration for aspiring designers. So why is designing, producing, and selling clothes important? Because the industry creates millions of jobs in different professions. It has a massive positive impact on the economy because of the revenue generation. Both fast fashion and sustainable fashion are significant contributors to society. For example, fast fashion retail stores are expected to reach $713 billion in revenue in 2022. Fashion is often perceived as a frivolous and ephemeral industry, but it is the second biggest economic activity globally in terms of the intensity of trade. It provides jobs to almost 60 million people in developing countries, about 80% of which are females. But it’s not just the economy that benefits from fashion. Individually, the freedom to choose what they wear gives everyone a chance to show their style and even their beliefs. And most of all, fashion is an inspiring and fun way to express oneself. It will continue to The future of fashion Today’s fashion industry has the advantage of technology. Designers nowadays can use everything from artificial intelligence to novel fabrics to create innovative, sustainable, and state-of-the-art designs and systems.

2. Like most other industries of this scale, fashion is not perfect. It has been criticized widely for having a dark side. The industry needs to address issues, such as the exploitation of underpaid garment workers, environmental damage, and lack of diversity. With changes in legislation and consumer preferences, there should be significant changes coming in the next decade.