The Impact of Fashion on the World Economy
Whether it is for adornment, form of self-expression, or reflection of society, the fashion industry has had an impact on the world economy. The purpose of this article is to discuss some of the technological and social influences that have affected the fashion industry.
Technological influences in the realm of fashion
During the last decade, social media has played a significant role in the fashion industry. However, the role of fashion narratives in online spaces is not less than in the offline space. This may be because online spaces are able to introduce new communication modalities. Moreover, digital technology has made it possible for fashion garments to be interwoven with other forms of technology. These technologies have enabled new digital aesthetics for garments. This has provided the industry with inspiration for new design ideas.
Reflection of society
Besides putting your name on the marquee, fashion also plays a role in your day to day life. It’s a no brainer that you’ll need an appropriate dress for your job, especially if you’re in the business of making a living. Hence, it’s no surprise that fashion buffs are constantly on the lookout for the next hot dress. The most important thing to remember is that it’s not a one size fits all proposition. This is especially true in the fashion industry, where everyone is a potential customer.
Various forms of adornment are practiced around the world. Examples include body art and accessories. Fashion adornment includes headgear, eyewear and hairstyles. It also involves other gimmicks such as tattooing and lip plates. This is a growing industry with a 2013 retail sales value of 54 billion British pounds. Some countries have a strong presence such as Japan, India, and Russia.
It’s no surprise that the fashion industry is growing at a fast pace. The latest data points to the fact that fashion adornment is not limited to the well-heeled. In addition to its commercial aspects, adornment is a major contributor to the cultural identity of the wearer.
Impact of the fashion industry on the world economy
Despite its global scale, the fashion industry has a negative impact on the world economy. The industry accounts for about 8-10% of global carbon emissions, is the largest contributor to wastewater, and consumes more energy than aviation.
According to the National Institute of Standards and Technology, more than 50 billion garments are discarded each year. These garments are sent to landfills, where they are not recycled. This in turn creates a massive waste problem. The UK alone sends approximately 350,000 tonnes of clothing to landfill each year.