At my age, probably the most common people you have just met will ask is, "Are you in school? What are you studying?" And as I prepare to graduate college with a fashion business focused major, I have of course gone through this routine many times, and while usually the response is positive, every now and again I have encountered people who ask "Is this really a worthwhile major? Why not just major in Business or Communications?" It seems many people do not understand what a monster of a business the fashion industry really is, as its own entity that combines art, style, and personal image with business, marketing, promotion, and sales.
Fashion is its own entity because of its sheer size and differentiation across markets, but more so because their is commercial fashion, but it can also be more of an art form. So when I see any opportunity to share the magic and impact I believe the fashion industry brings, I think I have to jump at the chance. Fashion Week is a prime example of how business and art are brought together to serve this unique blend of art and promotion. But its not just this "artistic dream" I think some people see fashion as. Fashion shows have been presented to the public primarily as promotion tools, and many of thee shows are extremely dramatic, beautiful, and artistic productions, but the bottom line is, it is still a business, and it does make money.
On February 6, Women's Wear Daily published a report, headlined "NYFW Economic Impact Close to $900M a Year." The study shows that the Fashion Weeks held in September and February generate $887 million in total economic impact annually, including $547 million in direct visitor spending. These are the results of a study Rep. Carolyn Maloney, newly appointed ranking member of the House Joint Economic Committee, conducted. Comparatively, some our states biggest events of the year clock in significantly behind this New York Fashion Week figure, with the New York City Marathon earning $340M, last year's Super Bowl earning $500M, and last year's US Tennis Open taking in $700M. This may be surprising to many people, those who doubt the impact of our industry and even those who don't, but the numbers speak for themselves. These findings are important to support the integrity of not just the fashion industry in its entirety, but of its importance to the US and New York City, as the only official American fashion capital among a sea of Europeans.
“More broadly, the fashion industry is an important segment of the city’s economy, employing over 180,000 people, including 16,000 manufacturing jobs, paying $11 million in wages and generating almost $2 billion in tax revenue each year,” said Maloney about New York City. With the anticipation and normal anxiety of moving to NYC after graduation in the spring to look for a job, I say to the doubters, the fashion industry is not just a dream. It may start with a highly artistic inspiration, but people connect to it, they buy into, and it makes money. It's just a little bit more fun.
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