Analysis: The Global Fashion Industry

The global fashion industry is one of the most important industry sectors in the global economy. It generates up to $2.5 trillion in revenue a year and has over 60 million workers employed around the world. The fashion industry is huge and it has always played a significant role in the world economy. Clothing, shoes and accessories are not only necessities for daily wearing but also a way of expression from an individual’s esthetic concepts, self-identity and social status, to the trend of the world, the era, and the generation.

Nowadays, the global fashion industry has rapidly adapted to a new environment, caused by the emergence of fast fashion and advances in communication and digital technologies. The consumption patterns have also been

Technological advancements have changed the fashion industry. Social media play a key role in the transformation of consumer behavior. Young fashion consumers now use digital platforms to obtain information about fashion trend, compare prices, and share experiences. Up to 35 percent of consumers indicate that they rely on recommendations from social networks. I myself also look for the latest trends on the official websites of famous brands and source others’ experiences from online social platforms such as Facebook before making purchases. I then post prompt feedback on the platform right after trying on fashionable apparels. Also, fashion blogs have become the approach for fashion brands to reach more fashion followers around the world. Further, digital channels no longer provide only pre-purchase information. Through the internet, digital devices, and smart phone applications, people can easily buy products anytime and everywhere. As a result, only the brands that know the innovative way of online marketing can succeed in the contemporary world of

“Fashion brands in particular do receive substantial engagement on social media due to the design-driven nature of their products, so they should make use of visually-rich platforms like Instagram and Snapchat when developing social engagement strategies,” said Jenny Ryan, senior product marketing manager at Sprinklr. As new looks on the runway can immediately be instagrammed or tweeted by fashion bloggers and influencers, people can no longer wait for the collections to be shown in printed magazines such as Vogue, Bazaar, and Elle. Fast fashion stores are capable of promptly providing inexpensive collections in accordance with current trends and are undoubtedly the best choices for mainstream consumers. Additionally, the more positive experiences with their products are shared on fashion blogs and online social platforms, the more customers will be reached. Thus, engaging in social media can help fashion brands attract new customers, interact with loyal followers, and boost