Anyone who has ever picked up Vogue, knows what an empire waist is or lives in New York, has probably been buzzing about the third annual Fashion’s Night Out. While most see this as a sneak peak for future trends, there are larger economic motives behind this special night.
Fashion and finance, not usually mentioned together, but the two go hand in hand. You need money to fund fashion, and fashion to fund money, hear us out:
As any financial nerd will tell you, consumer spending accounts for approximately 70% of economic growth. Ergo, the better the fashion — or the more consumers feel a need to own the latest trends and styles — results in more spending and improvements to the economy.
At least this was the reasoning behind Vogue’s Fashion’s Night Out, launched in 2009.
Leave the Economy to the Fashionistas
Holidays, Black Friday, Black Out Monday and all the other high-traffic shopping stunts are no longer cutting it for our struggling economy.
Created as a global initiative to restore consumer confidence and boost the economy, Fashion’s Night Out is now in its third year. Described as an “after-hours shopping extravaganza” Fashion’s Night Out invites celebrities, designers as well as fashion enthusiasts to scope out the latest designs and future fashion trends.
With so much media attention and buzz over who’s attending, which designs will be showcased and more, it leaves the non-fashion minded wondering if FNO has a bigger bark than bite?
Fashion-fanatic Tessa Steuerwalt had the chance to check out FNO 2010, “I was in SoHo, it was packed with overdressed teenagers trying to score some free champagne and get pictures with Kanye. This year I’ll be doing Fashion’s Night In with some friends in my apartment.” Steuerwalt did not end up making any purchases last year.
FNO: Good in Theory, Bad in Execution
Anyone who has ever been to New York City knows that it is the most populated place in the United States. Putting on humongous events in NYC does attract crowds, but they also attract chaos.
Although Fashion’s Night Out was created by industry innovators with a lot of push when it comes to shopping, it seems like this push did not have the needed impact on spending.
Maybe, if the events actually have affordable pieces and sales for the average shopper, this would provide more of a boost than offering free alcohol and celebrity sightings.