The changing face of fashion | The Economist
- 5 years ago
The numbers behind haute couture are staggering, with up to 35% of consumers buying their clothes based on trends recommended by social media. Here's how the industry is cutting its cloth today.
Click here to subscribe to The Economist on YouTube: http://econ.trib.al/rWl91R7
The fashion industry has annual revenues of more than three trillion dollars and accounts for 2% of total global manufacturing.
China is a global leader, exporting over 36% of the world's garments. Its clothing industry has an export value of 175 billion dollars annually but competition is increasing, particularly from some of its neighbours in Asia. Bangladesh is the second largest global exporter of clothing after China - closely followed by Vietnam.
But it's not just the production of fashion that is changing; social media has begun to influence consumer decisions when buying clothing. Up to 35% of consumers buy their clothes based on trends recommended by social networks.
Fashion brands now live stream their once exclusive fashion shows to the public, whilst high street brands copy haute couture style and get them to market before the designers do.
Business is booming for these big fast fashion brands. Zara saw their share of the fashion retail market more than double in the decade from 2004 - but fast fashion creates its own problems as consumers clear out their wardrobes more regularly. Americans threw away 11.1 million tonnes of clothes and shoes in 2013. That amounts to over 4% of the country's rubbish - more than double the level in 1990.
Daily Watch: mind-stretching short films every day of the working week.
For more from Economist Films visit: http://films.economist.com/
Check out The Economist’s full video catalogue: http://econ.st/20IehQk
Like The Economist on Facebook: https://www.facebook.com/TheEconomist/
Follow The Economist on Twitter: https://twitter.com/theeconomist
Follow us on Instagram: https://www.instagram.com/theeconomist/
Follow us on LINE: http://econ.st/1WXkOo6
Follow us on Medium: https://medium.com/@the_economist
Click here to subscribe to The Economist on YouTube: http://econ.trib.al/rWl91R7
The fashion industry has annual revenues of more than three trillion dollars and accounts for 2% of total global manufacturing.
China is a global leader, exporting over 36% of the world's garments. Its clothing industry has an export value of 175 billion dollars annually but competition is increasing, particularly from some of its neighbours in Asia. Bangladesh is the second largest global exporter of clothing after China - closely followed by Vietnam.
But it's not just the production of fashion that is changing; social media has begun to influence consumer decisions when buying clothing. Up to 35% of consumers buy their clothes based on trends recommended by social networks.
Fashion brands now live stream their once exclusive fashion shows to the public, whilst high street brands copy haute couture style and get them to market before the designers do.
Business is booming for these big fast fashion brands. Zara saw their share of the fashion retail market more than double in the decade from 2004 - but fast fashion creates its own problems as consumers clear out their wardrobes more regularly. Americans threw away 11.1 million tonnes of clothes and shoes in 2013. That amounts to over 4% of the country's rubbish - more than double the level in 1990.
Daily Watch: mind-stretching short films every day of the working week.
For more from Economist Films visit: http://films.economist.com/
Check out The Economist’s full video catalogue: http://econ.st/20IehQk
Like The Economist on Facebook: https://www.facebook.com/TheEconomist/
Follow The Economist on Twitter: https://twitter.com/theeconomist
Follow us on Instagram: https://www.instagram.com/theeconomist/
Follow us on LINE: http://econ.st/1WXkOo6
Follow us on Medium: https://medium.com/@the_economist