Into a fashion industry or clothing sector? Or willing to enter into? This blog will help you to understand the significance and importance of how and what is fashion industry all about.#ThinkWithNiche.
“Fashion is not something that exists in dresses only. Fashion is in the sky, in the street, fashion has to do with ideas, the way we live, what is happening.” by Coco Chanel.
One of the most sought-after industries with massive competition and yet it never fails to impress. The fashion industry is fast-moving, dynamic, and exciting. Consumer preferences, choices, tastes, trends fade even faster than they transcend. Right from the renaissance era, a consecutive timeline only leaves you awestruck.
In the 1900s, fashion changed from arduous corsets and enormous trailing gowns girdled at hips to becoming easygoing and casual with a hint of male designs, epitomizing feminist freedom.
Almost every person is a direct consumer of fashion, shopping in stores or at flea markets. It creates career possibilities for qualified and unqualified individuals, as well as skilled and unskilled workers.
Imagine a world without Fifth Avenue or the Champs Elysee, and you have a fair case. Retailers, corporations, production firms, publishers, and others are all involved in the fashion business. All of these firms work in sectors that are more conventionally acknowledged, such as law, technology, and finance. Profound and growing every day, this industry generated 2.5 trillion dollars before the pandemic hit the world. It employs over 497 million within India itself.
When we talk about fashion, we're talking about creativity. Consider the increasingly robust legacy that is being produced by the world's most renowned creative directors throughout history. Think about the variety, the funky and bold, the classic and romantic, the sophisticated and vintage, you will never ever run out of ideas.
The global fast fashion sector is expected to develop at a compound annual growth rate of 5%(CAGR) of 21.9 percent from $25.09 billion in 2020 to $30.58 billion in 2021. Clothing, jewelers, and footwear are the world's largest eCommerce industry, with a worldwide market value of $759.5 billion in 2021. The 7.18 percent compounded annual growth rate of online fashion over the next five years will place the sector at +$1.0 trillion. With such genuine, outstanding, and dazzling features, it's easy to see why this profession draws newcomers and companies. Fashion will definitely never fail or wear off, as long as human civilization exists. It definitely has its pros and cons like every other industry but it is worth the while. After all, fashion is the armor to survive the reality of everyday life.