What Does the Fashion Industry Do for The Economy?

Posted on by

Fashion is a big topic and of great importance to a large number of people. It is also highly important to the economy of a country.

The Fashion Industry

The fashion industry plays an important role in the economyof many countries. This is an industry that is dependent on the public they serve.

Fashion and Production

Manufacturers have the task of producing the clothing that the public wants. In most cases for a clothing line to fare well it has to fit in with what is considered to be fashionable. This is because so many more people now can afford to dress fashionably. Partly because of the competition that exists among the clothing manufacturers. This is beneficial to the consumer and can also be beneficial for the economy. The more clothing attire people are enticed to buy the more businesses are in the industry. A strong industry contributes greatly to the economy, in such ways as:

  • Contributing to taxes

Most businesses have to pay corporate taxes. Businesses that are thriving are able to contribute more. In turn, these tax dollars benefit their consumers. It can be a win-win situation. The fashion industry spurs the clothing manufacturing industry into good production with the focus being on fashion. If the fashion industry were to weaken then it would have a direct effect on the manufacturers which in turn would have an adverse effect on the economy.

Job Production

The fashion industry allows for the filling of many different job positions. These can range from designers to those involved in the fashion shows, as well as marketing. With this being a huge industry it means more jobs. When more jobs are available and there are people available to fill these positions then it strengthens the economy even more.

Recognition

When fashion designers make a name for themselves it can draw attention to a country. For example, there have been some very famous fashion designers from Italy and France. Fashion-conscious people tend to want to visit these countries because of their reputation for fashion. This now benefits the tourism industry which is another contributor to the economy.

Understanding the importance of fashion as it relates to the economy removes the thought that being fashion conscious is being frivolous.