The fashion industry has been one of the largest employers in the United States and continues to be in the 21st century. The fashion industry accounts for a significant share of the world economic output. *
The fashion industry consists of four levels: the production of raw materials, principally fibers and textiles but also leather and fur; the production of fashion goods by designers, manufacturers, contractors, and others; retail sales; and various forms of advertising and promotion. These levels consist of many separate but interdependent sectors, all of which are devoted to the goal of satisfying consumer demand for apparel under conditions that enable participants in the industry to operate at a profit. *
The fashion industry can be divided into five segments:
- Haute couture is the most expensive and exclusive of the segments. It is made up of a handful of companies which produce custom-made clothing for the world’s wealthiest individuals.
- The luxury segment is a step down in terms of quality and price, but still serves a wealthy clientele.
- Affordable luxury targets “aspirational” consumers, those who are not rich enough to afford luxury brands but will accept lower-priced alternatives.
- The goal of mainstream brands is mass appeal; they sacrifice an air of exclusivity for popularity.
- Discount brands cater to low-income consumers.
At the highest levels, the fashion industry is relatively insulated from economic changes. For example, recessionary fears in the United States have done nothing to harm haute couture, which is actually seeing an increase in customers in a time when so many other companies are fighting decreasing sales. The luxury market is doing well compared to mainstream, affordable luxury and discount brands, where its customers have less financial security and thus are not spending as much money on clothes and accessories as they used to. **
There is a career for all passions in the fashion industry. The industry is not limited to pure art and design. Business, communications, sales, marketing, chemistry, and math have a creative expression in fashion. The common goal is to develop cost efficient products that the market demands.
For more on fashion industry careers you can also reference:
http://www.bls.gov/bls/occupation.htm
http://www.labormarketinfo.edd.ca.gov/occguides/Search.aspx
References
*http://en.wikipedia.org/wiki/Fashion
** http://www.wikinvest.com/industry/Fashion