Understanding the Fashion Industry
Fashion is an ever-changing field where new trends are constantly being created. With the advent of technology and the rise of capitalism, there has been an exponential increase in the production of clothing and accessories.
The fashion industry is a multibillion-dollar global enterprise devoted to the business of making and selling clothes. This includes the production of clothing and accessories by designers, manufacturers, contractors and others; the sale of these products at retail outlets and in stores; and advertising and promotion.
Various theories have been proposed to explain the fashion phenomenon. One theory is the trickle-down effect, which explains how individuals of higher socioeconomic status set the trends and people in lower economic status follow them (Reilly, 2012).
Another fashion theory is the diffusion of styles. This theory suggests that styles spread throughout communities and cultures. In order to diffuse a style, it needs to go through the following stages: early innovators create a new style, fashion leaders pick up this style and then the style becomes popular, eventually becoming a fashion fad.
Often, when a fashion becomes popular, it gets popularized through media and social influencers. This can include celebrities, musicians and other cultural icons as well as politicians and royalty.