Fashion is a type of popular culture. Clothing has an important role in society and it can be used as a form of identification, tradition or a political weapon. It can also be a way to express individuality and create stereotypes and distance between groups.
The fashion industry is a global business that designs, produces and sells apparel. It is a multibillion-dollar industry, employing millions of people worldwide.
Definition of Fashion:
For a style to be considered fashion, it must have an audience and a consumer base. A style is not considered fashion if two people wear similar outfits and no one else notices them or buys them.
The fashion industry faces challenges in a slow economic recovery. Companies are adapting to consumer priorities, but the cyclical nature of fashion means they must constantly revise forecasts to reflect changes in consumer demand and the cost of production. These factors are exacerbated by the recent disruption of the supply chain and continued pressure on companies’ bottom lines. The McKinsey Global Fashion Index (MGFI) suggests that 2023 sales growth will be relatively weak, driven by inflation and geopolitical concerns. Despite this, the luxury sector will be resilient.