Impact of Fashion and Beauty Industry on Our Economy

 

The fashion industry is an expansive, global, and profitable business. Fashion is more than just what we wear, it’s a real business with a significant impact on the economy. In Pakistan for example, it’s as much of an important part of the culture as it is to other countries. It contributes to the country’s GDP by 2% and employs over 700 thousand people in the country. The beauty industry has also grown to be worth $3 billion in Pakistan alone. Here, are some ways for you to maximize your potential in this booming industry.

 

The Future of Fashion

This industry is going through some huge changes, what were you expecting? It’s all thanks to the rise of the internet. Thanks to companies like Amazon, clothing brands are also putting great focus on providing quality products at great prices. You don’t have to wait for someone to come to you with great products. Now, you can find top brands on Amazon. This has given rise to new startups in the fashion industry. It gives the opportunity to anyone who is creative and ambitious to get into this industry. The Rise of Talent Whether you want to design your own products, create a trendy Pinterest board, or even write a blog for a major company, you have the skills to do it.

 

What are the Jobs in Fashion?

The fashion industry directly creates jobs. Around 0.5 million jobs are created by the fashion industry in a year. These are direct jobs that come from manufacturing clothing and textiles. This includes sectors like knitting and weaving. This adds up to 0.4 million jobs. Other direct jobs that the fashion industry creates include retailing, advertising, and photography. A lot of raw materials and textiles are harvested and used in fashion design and construction. This includes fabrics like cotton, wool, silk, mohair, and jute. Materials like hemp, cotton, and silk are also processed into textiles. In some cases, however, the fashion industry has a significant impact on the mining industry.

 

How to get started in the Fashion industry?

The fashion industry is made up of multiple styles and genres. The key to succeeding in this industry is to know what works for you. If you know your styles are a part of the red carpet or contemporary, you can specialize in just those areas. Take the time to familiarize yourself with all types of clothing and accessories, then use those strengths to your advantage. When shopping for clothes for yourself, you will want to make sure they suit your style. Go Into It as a Business, Not a Love One of the most important rules of the fashion industry is to know the difference between getting into it for the love of it and getting into it for the money. If you do it for the love of the business, there’s always room for you to grow and do more.

Youth Empowerment and Employment

Beauty is a great way to make a social impact on your work. It’s an industry where you can both do something great for the world, but also make a very good living. Both you and your staff can look beautiful while making a difference. This can be very beneficial for the developing economies of the world. First and foremost, let your staff wear what they want and become involved with the brands they want. They might be interested in some specific brands, but most likely they’ll be interested in your brands. Then provide them with a lot of variety. Offer a lot of different products for different occasions. Advertise all your products on a big billboard across the city.

 

Contribution to the economy of the Beauty Industry

Growth to Beauty Industry In 2012, The International Trade Center of the World Health Organization (WHO) and the Fashion Council of Pakistan jointly released a survey that stated that the beauty industry in Pakistan is growing at a rate of 15%. This not only has a great impact on the economy but also contributes to the economy through earning. This is mostly due to the high level of economic productivity within the sector. The total number of workers within the industry is 5.2 million including 7.5 million female workers in the form of supervisors, professionals, stylists, and sales agents. This results in a total annual contribution of $97.78 million, resulting in $3.76 billion in revenue, which is spread over 10,000 outlets of different sizes and categories.

 

Beauty Industry and its impact on the society

Beauty and fashion go hand in hand. Whether you like it or not, the impact that beauty has on our society is huge. I have said it before and I will say it again: the luxury industry contributes up to 4.0% to the GDP and has a big influence on society. Our beauty industry, on the other hand, stands at about 3.8% and it has a similar impact. It’s all about adding some color and vibrancy to your life and that will do a lot for you. It will boost your self-confidence and it will make you look much better. You will be able to shop and take care of yourself in a lot better way because your expenses will be on par with the others. You will be able to live with yourself much more comfortably because of it.

 

Conclusion

There is no denying that the fashion and beauty industry is as diverse as it gets. Whether you choose to be a model, an actor, a consultant, or just a client, a successful business in this industry is an option for everyone. Good luck with your success!

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