- The Fashion Economy has increased by £5 billion from 2009, this ranges from the increase in PR, fashion retailing and marketing, as well as promotion within the industry. However this does not include design; promotion is becoming such a large influence on the economy and is become more famously known for the impact it has on the economy.
- There are currently 800,000 jobs within the industry, which has decreased 2.3% from 2009. This is however due to the increase in technologies, the amount of jobs is therefore slowly decreasing as there is less of a need for shop staff, as it is predominately done online; which is an advantage within the increase of technologies – but for those who have the skills, such as hand stitch and print making, the demand for these skills are therefore smaller, which therefore leads to fewer jobs within the industry.
- Within the fashion industry the employee’s wage income is estimated to have risen to over £46 billion – increased by 23% since 2009 – so although there is less people working in the industry, the cost of the people is increasing rapidly. Also, a lot of internships are currently not being paid for at all, which therefore means that there are people working in the industry, yet not receiving any money for it.
- Around 50 years ago, it was common for a professional to work for the same business throughout their career, however nowadays this is unlikely to happen to do the fast pace industry, therefore people entering the industry now are more liked to move to different employers as well as different industries.
Many people understand the ‘Creative Economy’ to be that of just art, however there is so much more within the industry. Film, media, music, galleries, gigs and not forgetting fashion. Within the different sectors of the economy, there are three main categories which you can distinguish different level within it. However, there has now been a big change in the way the the creative economy works to this day; a huge disturbance due due the internet. Large fashion houses have now created an online recourse of shopping, their own websites therefore disrupt the pattern of the creative economy – there is no experience of the economy anymore, instead an online experience has therefore been created. This is changing with the times, and evolving with the fast moving industries. Though, there are now companies, like notonthehighstreet which have worked to this advantage, and instead have the new online experience instead of that in store.
This is where the creative economy starts, where you create one off’s, coming from the core of the business, creating the main features. These can be from fine art pieces, like Damien Hurst’s work; however this is where fashion comes into its element. Haute Couture garments are a prime example of this, one off pieces of incredibly in-depth and time consuming fashion, which aren’t created time after time again. However, fashion is also an origination; it is where the whole economy starts, with the individual pieces and garments.
This is where the originators feed off the creators and create an experience, nothing tangible to touch, but something that you can visit, see and become part of. This can be from buying a ticket for a fashion show, you are experiencing the economy and the way the business works. Also, experiencing a new shop, or a window from promoting the originator is also an experience; such as the updated Burberry store on Oxford Street, the whole experience is a lot more sophisticated and powerful.
This is the real business model behind the economy. This is where the content gets transferred across the platforms to increase exposure and money; every time an advert is shown for Chanel, it is not only promoting the brand but creating money for the economy. This is where the money is made within the economy.