How do Economic Issues Shape Fashion Trends

Introduction and Background of the Study

Economic factors have both negative and positive impacts on the clothing industry. At the time of economic boom, an individual has more disposable income thus buy more clothing, resulting in an increased sale (Unger, 2016). Therefore, I intend to explore how various economic factors, including tax, interest rates, policies, and law, wages, and governmental activities, impact fashion trends in the United Kingdom. These factors though not directly related to the business they impact the investment value in the future. Also, I intend to explore the changes in buying behavior during an economic upswing, since during this period, people have more disposable income thus have more to spend on clothing, fashion, and other luxuries. Moreover, apart from clients buying behavior, I also wish to examine the sales by clothing manufacturers, wholesalers, and retailers during both economic boom and economic deterioration. Moreover, I will also examine the global economy's state and its impact on worldwide fashion design. Also, to meet the study objective, I will explore the Sustainability and digitalization of the fashion industry and the future of the earth in fashion brands. According to Godart and Galunic (2019), changes in the economy bring about corresponding changes in apparel companies. Fashion, of late, has headed in a new direction in order to make progress in youth market preferences in styles, cuts, silhouettes, colors, price posts, etc. I am greatly interested in this topic since economic aspects like purchasing power, GDP, recession, inflation, etc., impact the fashion sector's functioning. Similarly, clothing became a form of currency soon, and it was also used as payment for services in the pre-industrial period. Therefore, it is evident that the economy and fashion design industry have been impacting each other for a long time. Therefore, this paper will discuss how economic Issues in the United Kingdom Shape Fashion Trends.

Problem Statement

Fashion and luxury are so intricately related if the giants in the clothing industry and departmental stores go through an economic slowdown. Its repercussions can be seen in their manufacturing or production units. Therefore, to clearly write the problem statement, I will put the problem in context, including what existing literature already reveal (Nasution & Aulia, 2019). Additionally, I will explore the precise issue that the study will address, including what needs to be known concerning the study. For example, fashion gives some individuals in society identity; thus, changes in economic status can impact such groups. Riungu (2009) states that in the 1970s and 1980, teachers were recognized by the way they dressed in rural areas. Therefore with economic status changing, there is a significant impact on purchasing power. Also, I will explore the relevance of the problem, particularly why the study will be vital. Furthermore, the problem statement will examine and set the research objectives, including what is expected to be the study outcome.

Aims of the study

The research will focus on the economic issues that shape fashion trends, identify variables to be measured, and establish the limits of the study.

Study Objective

This session will explore the study intentions and what the study hopes to achieve.

Methodology

The study will use the qualitative study method to achieve its objectives. The qualitative approach will integrate comparison, description, and specification to create effective research. The qualitative study will be used since it captures changing attitudes within a target group like the consumers of a product and economic status changes. It is an effective, more flexible approach, thus giving insights to research questions and variables (Bengtsson, 2016). More importantly, the study method will provide an in-depth analysis of how economic issues shape fashion trends. Also, I intend to use graphs, excel tables, and charts to present data. I will analyze the primary data obtained from the study consumer survey about current trends, suitable fashion, and shopping habits using a questionnaire. Similarly, the researcher intends to conduct a survey online. Questionnaires will be sent out to men and women between ages 15 and 60, employed/unemployed, and students. I will further analyze secondary data from annual reports of 5 different clothing retail stores; this will be achieved by setting up interviews with store managers. I will also look into e-commerce fashion stores (online stores). The methods stated above will be valid as it is recorded daily in retail stores and primary data will give a reliable report as it is self-administered and less errors (Rahman, 2020). However, there are also challenges that I expect to face. One of the challenges is that some people might not have enough internet data or time to complete the online survey. Therefore, the study population might not participate in the study in time. This indicates that more time might be required for the study. Also, some participants might give biased data, which might impact the outcome of the study. Moreover, there is a risk of getting a duplicate response, which might affect the study outcome. Nevertheless, I might be challenged on verifying and justifying data to establish its quality and reliability.

Conclusions

The study conclusion will restate the research topic, the study thesis statement, summarize the main points, and state the significance of results and summarize the study thoughts. However, the conclusion will not be a repetitive summary of the findings to avoid reducing the impact of the argument. Also, the conclusion will provide the reader with a sense of closure. The conclusion session in the study by Jordan (2015) wraps up the essay in a tidy package and creates an excellent understating for the reader.

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Reference List

The reference list in the study will include sources containing up-to-date information, journals that have been reviewed, and a known, high-quality reputation (Paraskevov, 2017). Referencing is essential since it allows the researcher to acknowledge other researcher contributions. The bibliography is also a way of giving credit to the writers where they have adopted their idea.

References

Bengtsson, M., 2016. How to plan and perform a qualitative study using content analysis. NursingPlus Open, 2, pp.12.

Godart, F.C. and Galunic, C., 2019. Explaining the popularity of cultural elements: Networks, culture, and the structural embeddedness of high fashion trends. Organization Science, 30(1), pp.151.

Nasution, M.K. and Aulia, I., 2019, June. Design of the research problem statement. In Journal of Physics: Conference Series (Vol. 1235, No. 1, p. 012115). IOP Publishing, p.1

Paraskevov, V., 2017. Socialist Bulgaria in British Diplomatic Papers, 1953-1979. Любословие, (17), pp.167.

Rahman, M.S., 2020. The advantages and disadvantages of using qualitative and quantitative approaches and methods in language “testing and assessment” research: A literature review.p.76

Riungu, D.M., 2009. ’Factors Influencing Clothing Selection and Buying Practices among Primary School Teachers ‘’: A Case of Mwimbi Division, Meru South District. Unpublished Master’s Thesis Kenyatta University, p.3

Unger, S., 2016. Reflection of 1950’s Society Through Fashion, p.54