Obviously the fashion industry is an important and inherent part of the economy in every part of the world because of the necessity of people to purchase clothes. Of course there is a wide range in the difference of how people in different income brackets budget, how much they are willing to spend on fashion. The economic downturn that began in 2009 has definitely had a negative impact on the fashion industry. People that may have splurged on several outfits such as formal wear from higher end outlets, are now more price conscious. Therefore; high fashion designers have more competition from companies that may produce similar looking designs that are much lower price. Sometimes to referred to as knockoffs. There are some people out there still buying clothes, but it's a smaller pool. And that's because the amount of wealthy people that have the expendable income to purchase suits and dresses that may cost $1000 dollars or more, has decreased. One area of fashion that families even of modest means will still save up for is the formal wear purchased by millions of students across America for their high school proms. This is of course also true of weddings.
abcnews.go.com/Business/story?Id=5737974&page=1
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