In light of this week’s federal budget, we thought it timely to consider the links between the economy and the fashion industry.
It’s a funny thing, the fashion industry. Like most industries, demand for high fashion items (pricey brands and luxury products) reduces as the economy suffers, in a cyclical fashion. However, businesswear is one segment of the market that actually bucks this trend.
It’s counter-intuitive that consumers would actually spend more money on clothes when there is less money to go around.
However, research has shown that, as rising unemployment follows from reductions in economic growth, employees experience greater incentives to impress at work. Shirts get tucked in, the jeans go out, ties go on and suits get upgraded.
In times of austerity, it’s more important than ever that you’re noticed at work and considered important to the success of your organisation.
For this reason, many are upgrading from off-the-rack to bespoke tailored office wear, in the belief that your clothes speak for you before you ever get a chance to.
But you shouldn’t have to spend big bucks to get a great-looking work wardrobe.
Quality suiting is about two things; cut and fabric. If you can achieve a perfect cut with a quality fabric without spending more money, especially in tight economic times, why waste it? Moreover, wearing a label loses its impressiveness if your clothes are hanging off you.