The Impact of Consumer Spending Trends on The Fashion Industry
DOI:
https://doi.org/10.54097/vrmgeb43Keywords:
Fashion industry; spending trends; online shopping; sub-brands; fast fashion brand.Abstract
Fashion is a word that gives everyone a first impression of being associated with art and taste. It may be true that it had a threshold of enjoyment long ago but does not exist in contemporary society. In the modern era of rapid economic development, the mature manufacturing industry has been able to allow everyone to enjoy the pleasures brought by fashion. Not only this, but fashion is also largely determined by the public. Therefore, this essay will explore what kind of influence consumer spending trends exert on the fashion industry as a whole, starting from the perspective of economics. This paper gets started using realistic instances to analyze the process in which fashion consumption has evolved in reaction to shifts in the broader economy. The study will subsequently examine the influence on the fashion industry and future patterns of the business as consumers transition their shopping decisions to the online platform. Furthermore, this research will specifically focus on two strategies, namely sub-brands and fast fashion brands, in order to examine how the fashion industry has reacted to shifting economic circumstances. Based on the previously mentioned investigation and analysis, it can be concluded that the development of the fashion industry is heavily reliant on the economic conditions. The procedure for reaching this conclusion will be thoroughly discussed below.
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