Fashion Photography vs Economy, By Carmen

Gross domestic product is a key indicator of the state of the whole economy:

            GDP = GVA + taxes on products – subsidies on products

What is Gross Value Added (GVA)?

   GVA measures the contribution to the economy of each individual producer, industry or sector in any country.

STUDY OF FASHION INDUSTRY IN THE UK 2009

                                       SHARE OF UK GVA BY SECTOR (2009)

KEY POINTS

• Including direct, indirect and induced impacts, the value added contribution to

GDP of the UK fashion industry is estimated to have amounted to £37.2 billion or

2.7% of total UK GDP in 2009.

• Of this, around £20.9 billion (56%) is due to the direct activities of retailers, wholesalers and manufacturers etc;

£7.7 billion (21%) is due to the indirect demand created by such activities via the supply chain; and the remaining £8.6

billion (23%) can be attributed to the induced impact of the spending by those directly and

indirectly employed in the UK fashion industry.

• Including direct, indirect and induced impacts, the UK fashion industry is estimated

to have helped support 1.31 million jobs in 2009, or 4.5% of total employment.

• Of this, 816,000 (62%) were employed directly by retailers, wholesalers, manufacturers, designer businesses etc; 217,000 (17%) jobs were created indirectly

via the supply chain; and the remaining 277,000 (21%) were due to the induced

impact of the spending by those employed directly and indirectly in the UK fashion

industry.

• Together, the direct, indirect and induced impacts are estimated to have generated

£17.5 billion in government revenues in 2009, or 3.5% of total government

revenues.

           SPENDING ON FASHION ITEMS 1999-2009

SUMMARY OF THE ECONOMIC CONTRIBUTION OF THE UK FASHION INDUSTRY

MARKETING

Given the importance of brand in the fashion industry, it is important to consider the promotional activities that retailers, in particular, undertake in order to boost sales. Spending on marketing contributes to GVA through the creation of jobs and potential to boost profits. Included in our definition of marketing are advertising, PR, event organisation and the work of modelling agencies.

It was estimated that fashion advertising and related activities created an extra £241 million of GVA in the UK in 2009.

Of this, £184 million is related to the promotion of clothing and footwear, with the remaining £57million linked to other products. Next chart summarises the breakdown of the results by product.

                         ADVERTISING/PR GVA BY PRODUCT

FASHION PHOTOGRAPHY: ADVERTISING TOOL

It is now when we can say that fashion photography plays an important role. Compared with many business tools, photography is inexpensive in relation to the positive effect it can have on goodwill, perception and eventually turnover.

Next we can see different styles of fahion photography and also address to different niche markets using different channels (online/print)

FASHION HAS 4 SEASONS AND IT NEEDS TO BE RENOVATED CONSTANTLY!!!! NEW IMAGES IS THE STRATEGY….

Source: “The value of the UK fashion Industry” Presented by the British Fashion Council and Oxford Economics