Fashion and glamour have always been the backbone of Manhattan. Back in 2015, the fashion industry accounts for 5.5 percent of the city’s workforce, $11 Billion in wages, and generates nearly $2 billion in tax revenue annually. During the two weeks every year that New York City opens its doors too close to 500 brands for Fashion Week, the city becomes absolutely overrun by Italian models, French designers, and kilometers of couture. Fashion week has grown into an internationally acclaimed event where la crème de la crème showcase their collections and draw in the critical yet glamorous international fashion community. New York City receives an unparalleled economic boost as the events reels in $887 million dollars per year and the 232,000 guests generate approximately $532 million dollars in direct visitor spending. So, while what’s on the runway is always at the spotlight, what is behind the runway is the outstanding economic boost.
A report released by New York’s 12th District Representative Carolyn Maloney and the Joint Economic Committee describe the city’s economic benefits of hosting this iconic event. One of the most important benefits falls on New York’s labor force as the event generates $11 billion in wages and creates jobs in areas such as marketing, research, and textile manufacturing. Mayor Bill de Blasio and Deputy Mayor for Housing and Economic Development Alicia Glen announced new programs to support the city’s fashion scene in an effort to keep this economic trend going. They tripled investment in programs for manufacturers, emerging designers, aspiring designers, and students in New York City from $5 million to $15 million. Mayor Carolyn Maloney's report also highlighted that the number of people working as fashion designers has grown by more than 50 percent over the last ten years, and the average salary for a designer is 73,600 dollars, compared to the average salary in the U.S. of 50,000 dollars. The number of people working as fashion designers has grown by more than 50 percent in the last ten years, with the average salary for a designer being 73,600 dollars.
Additionally, back in 2015, mayor de Blasio announced a $15 million initiative to support “Made in NY” Fashion, which is a program made to support manufacturers, students, emerging talent, and growing companies.
Just as notable, is the effect that New York fashion Week has on the average American consumer. As the high fashion brands increase in size and collections and showcase their clothing in events such as Fashion Week, consumer spending on volume produced apparel has increased as well. According to a report by Yoko Katagiri of the City University of New York, the American consumer is spending less on clothing, while consumption in the US has doubled. Fast fashion brands have begun to mimic high fashion clothes and sell them in bulk, which has contributed to the growth of the fast fashion industry and big brand players there.