Economy, Fashion, Fashion Hierarchy, Fashion Promotion, Fashion Statistics, Money

The numbers behind Fashion

  • 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.