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Fashion, in 2022, will be a global craze filled with opportunities for designers and customers. But can the weaker sections of society thrive in this industry? The fashion industry seems to lack the inclusivity of the low-income population in its workforce and customer base.
The fashion brands have continuously focused on wealthier demographics, leading to continued demand for luxury brands with high prices in the industry. Globally, the fashion industry is valued at $1.5trillion, making it one of the most profitable sectors. The top performers in this sector are luxury brands like Nike, Inditex, Kering, LVMH, and Hermes. There is no doubt that wealthy customers are responsible for most of the profit made in this industry.
Obsession with wealth
In fashion, "cheap" doesn't belong. The more expensive the item is, the more it is to grab the attention of fashion enthusiasts. Glorification of expensive in the fashion industry is what creates a sense of inferiority among those who cannot afford it. But this glamorous world of fashion is not new, as even the rich aristocrats would buy the most innovative design in fashion to distinguish themselves from the lower class.
The desirability to acquire the most exclusive fashion has what led to its rising cost which can be afforded by only a few.
The brands follow a successful marketing strategy of:
1. Releasing limited items
2. Targeting consumers with higher disposable income
3.Advantage through the name of its brand heritage The rise of social media has is made it easier for the new generation to be attracted to high-value brands and products.
As predicted by Bain & Company, nearly half of the total luxury goods sales will be accounted for by millennials and Gen Z by 2025, making the global luxury industry worth $356 billion. During the next decade, affluent consumers will adopt a luxurious lifestyle that corresponds with their values and aesthetics, taking the most advantage of their high purchasing power.
Fashion as a status symbol
If you know someone who owns a Birkin bag, you most probably consider them rich and authentic. By both acquiring these expensive items and by making them into an identity, the rich dominate the fashion industry. But this obsession with fashion status is not at all new. It was the law of Elizabethan England that only royalty could wear purple, as the purple fabric was extremely expensive. Purple became synonymous with royal status and wealth. In the present day, one dresses up not just to cover themselves, but also to communicate their character and aspirations.
Due to their curiosity, exceptionally successful individuals often desire products they've never used before. This trait is reflected in their fashion choices as well making it a status symbol. Fashion has long been associated with status symbols, making it a driving force in the fashion industry today.
Surviving in the fashion industry as a fashion professional is hard if you do not belong to the upper class. We all are aware of inherited wealth giving an easy opportunity to access the fashion industry to models like Gigi Hadid and Kendall Jenner.
But new models finding their footing on the fashion runway with a lack of financial support can be a challenge. Fashion Brands may be a profitable industry, but workers are often underpaid and harassed by their seniors. Fashion professionals from low- income backgrounds are being threatened by the power imbalance in the industry.
However, consumers are advocating for brands to become more inclusive of people with different identities and to provide opportunities for those less fortunate. At WMH, we have tried our best to provide exposure for independent models to promote diversity and individuality in the fashion industry.
A study by Mckinsey on ' State of Fashion 2022' stated, "We see 2020 as being a watershed for "Inclusive Culture," with diverse races, genders, and sexual orientations increasingly present across organizations and in leadership roles."
A system of limiting the fashion industry to the rich has been in place for generations. There are several issues that the behavior of the wealthy creates in the fashion industry, including the exploitation of low-income workers and the high costs of products.
These problems can only be dealt with by customers actively supporting independent brands with affordable prices. These ethical brands need to be identified by mainstream media and social media, so they can revolutionize the fashion industry. Fashion publications have a greater responsibility to expose the dark side'of luxury fashion and provide a platform for affordable · brands to highlight their ethical practices.
