Economics of Fashion

The world of fashion moves at an exceedingly fast pace. Certain types of clothing have continued to thrive within the world of fashion. Shoes specifically, are normally more inclined than clothing to continue to trend. Many Jordans, Air maxes, and Timberlands were worn in the late 80s, 90s and are currently worn now. However, numerous selling techniques have begun to “ruin” the industry of fashion. The selling technique of fast fashion has been know to be slowly killing the world of fashion. According to Investopedia the term fast fashion means, “Fast fashion” is a term used by fashion retailers to describe inexpensive designs that move quickly from the catwalk to stores to meet new trends. As a result of this trend, the tradition of introducing new fashion lines on a seasonal basis is being challenged. Today, it is not uncommon for fast-fashion retailers to introduce new products multiple times in a single week to stay on-trend“(https://www.investopedia.com/terms/f/fast-fashion.asp). Designers and fashion gurus are beginning to struggle to compete with this new craze. These fast fashion retailers lack ingenuity and gain popularity by quickly producing trendy clothing. While clothing designers put in the effort and time to create beautiful articles of clothing.

Throughout life, branding and creating a platform for yourself is vital. Just as the fashion industry flourishes through establishing yourself as a brand and popularity of your brand; establishing yourself as a brand is also important. An individual should begin with creating a resume and have someone analyze the resume. Having a resume is the most basic form of establishing yourself as a brand. The resume allows employers and others to see activities you’ve participated in overtime. A person would also list previous places of employment. A resume is both a basic and essential piece of a personal brand. Additionally, in the business and exempt world, a Linkedin account is demanded. Linkedin helps you to collaborate and meet other individuals in the corporate world. This application assists with staying connected with clients and previous employers. Branding in the 21st century with the popularity of social media is crucial. It is required to continue to stay relevant in this competitive market.

Humans have always known to be extremely judgemental beings. We subconsciously judge the appearance of the individuals we see every day. We observe the way they dress, talk, smell, and even walk. Sometimes these “observations” may turn into an attraction for a certain person. It is human nature to be curious and intuitive about someone we barely know anything about. Sometimes we might add people who we’ve never met on social media. They portray a certain personality and promote the things that interest them. In both business and corporate worlds, a first impression means everything. First impressions disregard all attributes and accolades you have on paper. The employer is able to see the genuine side of a person. An employer will notice if a person is impolite and acts disrespectfully; Their first thoughts of that individual would be an ill-mannered individual. Moreover, if the person is respectful and has a delightful personality; An employer will think of that person as polite. Anna Pitts’ article states the importance of making the most of the first seven seconds of an interview. Pitts mentioned how important it is to smile, shake hands, introduce yourself, and maintain eye contact. These behaviors are critical in an interview and making a great first impression.

The CDC event that I attended was tremendously helpful. I learned the importance of beginning the job process as early as possible. This greatly increases your chances of getting a job and gaining experience. They also mentioned the significance of getting an internship. An internship greatly increases the possibility of being rehired by that company. They also mentioned the numerous amounts of networking opportunities that the University offers. CDC brings companies and businesses to recruit students out of the University.

The significance of preparing yourself for the future and arranging employment opportunities is extremely vital to a person’s success. Starting as early as possible will guarantee more a person to have more employment opportunities. The exceedingly competitive market that we live in makes it difficult to find job openings. Before we find these opportunities and apply for a position at this business, you have to become a standout applicant. Additionally, once we advance through the application stage, you have to then participate in an interview held by the business. Then the company determines if they want to hire you or not. The employment process is very tedious and possibly takes numerous amounts of attempts to be hired. However, there are multiple ways to counteract and make this process easier. Firstly, applying to be an intern for a company assists with learning more about professionalism. I have been an intern at the Ministry of Public Works in Bermuda for over 2 years. The experience I have gained as a result of working there has shown me the world of professionalism. It allowed me to gain more knowledge about how to act during formal settings. I also learned about the importance of properly structuring emails and other formal means of communication. Next, internships expose you to possible employment opportunities. Although, the internship will not specifically require you to be extensively knowledgeable about your interest; Employees will be able to observe other attributes about a person. The application that you send to a business does not reveal how you behave in person. If a manager notices a distinct character trait that may invigorate the business; He could consider employing that person because of that trait. Lastly, an internship helps a person with time management skills. Internships normally require you to always arrive to work at a certain time every day. However, the internship aspect allows a bit more flexibility with the longitude of the workday and when you turn up to work. You must be critical about when you arrive to work. Employees and managers always notice when someone arrives late to work. Continuously arriving to work late could even prompt a write-up or even unemployment. Furthermore, preparing yourself as early as possible for the competitive job market will open the doors of opportunity. Applying for internships gains work experience and increases the likelihood of being hired.

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Living in a capitalistic system that is constantly changing and evolving over time makes it immensely difficult to determine which jobs will be available in the future. Economic recessions can sometimes be unpredictable and happen at random. Recessions can greatly impact a country; Depending on the economic strength of its economy. The most recent recession of 2008 was a startling surprise for the majority of people in the United States. The number of people buying houses at the time had greatly increased. However, many of these people buying these houses decided to take out large sums of money in the form of mortgages. This resulted in individuals being unable to pay back the money. The individual’s unavailability to pay back these mortgages caused extreme amounts of unemployment and bankruptcy throughout the country. The United States is still continuing to recover from the recession of 2008. Additionally, the recession greatly impacted the job market in the US. The industries that were impacted the most were the construction and the financial industries. This unforeseen burden of unemployment must have completely shocked numerous individuals within these markets. The U.S Bureau of Labour Statistics allows for U.S citizens to research and determine the longevity of employment opportunities. This exceedingly important in our sometimes unpredictable economy. Additionally, not only does the website state the longevity of the job but also the requirements and certifications needed for the job. The Bureau list similar employment opportunities that relate to an individual’s original job selection. I am currently majoring in Business Finance. My goals are to possibly earn my master’s in Finance Economics. I truly enjoy learning about how an economy is efficiently and effectively run. Moreover, I’m interested in countries whose economies continue to be in poverty and the economic reasoning behind their struggles. Furthermore, Kare Andersons TED talk explains how her chronic shyness enabled her to assist people with finding their own talents. Ms. Anderson discovered a method that allowed her to bring the most out of people she met.

-Steven Doyling

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NEW YORK, NY – SEPTEMBER 16: Kanye West poses during the finale of Yeezy Season 2 during New York Fashion Week at Skylight Modern on September 16, 2015 in New York City. (Photo by Randy Brooke/Getty Images for Kanye West Yeezy)

My fascination for economics and how the economy is managed has also somehow peaked my interest of fashion. When I was younger and began to dress myself and also become immensely interested in shoes. I still remember the first pairs of shoes that I pleaded with my parents to buy. They were a pair of black and red glow in the dark Nike Air Max 90s. Even at such a young age I wanted to differentiate myself between my peers. I admired people who were dissimilar from the status quote of fashion and did their own thing. However, my parents had instilled a mentality of working for everything. Unless it was an actual gift or something I desperately needed, my parents would compel me to work for the things I wanted. After doing a plethora of jobs: washing the dishes, taking out the trash, sweeping the floor, and washing the car I finally able to buy my shoes. I was ecstatic to be able to finally have a pair of Nike Air Max 90s. I wasn’t able to wear regular clothes to school because my school had uniforms. However, whenever we would have grub days I would always wear my Air Max 90s. In a capitalistic society, the fashion industry has become increasingly prestigious and popular. Clothing companies have been able to generate large amounts of revenue from producing clothes. Many athletic companies, for example, Nike and Adidas have become the standard of apparel. The Cut is a subsidiary site from the New York Magazine that focuses more on women’s fashion trends and relationship issues. The Cut decided to compose an article about the sweat shop situation in Indonesia, Malaysia, and numerous countries that produce clothes for these popular brands. Many of the people in these foreign countries are treated extremely harsh and are given a barely livable wage. Also, the hours are inhumane and have the workers completely exhausted. These types of ethical dilemmas involving both economics and fashion really intrigue my interest in the profession.

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https://actionnetwork.org/petitions/nike-respect-garment-workers-in-indonesia?source=direct_link