What are the most important factors for change in the fashion industry at present?

The UK and the Luxury Footwear Market

An Analysis of Factors for Change in the Fashion Industry

I . Introduction

The alarming financial crisis being experienced worldwide has changed the landscape of social , political , and economic activity , due to the decrease in financial capabilities and resources . Consumer buying habits have been redefined and modified to fit lifestyle changes and downsizing has become the trend for many . Value for money is the mantra of most people , and major purchases such as homes and cars are now met with longer decision-making processes that often

result in postponement or cancellation . In the midst of these necessary measures made to counteract the substantial decline in income , jobs , and opportunities it is logical to expect the luxury goods industry to suffer a greater loss compared to its mass-market or mid-level counterparts however , the performance of luxury brands belies this thinking

Luxury has always been equated with quality , and during these times of thoughtful spending , consumers have apparently shifted from impulsive buying to well-planned purchases . This clearly means going for the brand or product that will last longer and will stay in fashion for a more significant amount of time , as opposed to consumer goods born out of current trends . This phenomenon is observed worldwide , particularly in the U .K

II . The U .K . Fashion Industry and the Credit Crunch

One undeniable proof of U .K . fashion consumers ' relative lack of concern regarding financial issues is 2008 's last-quarter London Fashion Week , where luxury brand designers showcased...