The relationship between the Fashion Industry and Recession in the UK Essay

The relationship between the Fashion Industry and Recession in the UK - Essay Example The essay "The relationship between the Fashion Industry and Recession in the UK" talks about the connection between Recession in the UK and Fashion. The fashion industry around the world is related to the business and the economy at large. Fashion itself is an industry covering various aspects of lifestyle of the people. It includes clothing, accessories and cosmetics and other related items which are required to make people look beautiful, affluent, sophisticated and elegant. But it has been seen in the past that the industry is very much interrelated to he overall picture of the economy. A dull economy or market will not encourage lot of fashionable choices. However, a bearish market will surely make the people to opt for the newest in fashion and make choices as they please. This economics is applicable irrespective of the type of industry. While we are discussing the effect of recession to the UK fashion industry, we must know the scenario that exists in this industry. UK itself is a country which is very much fashionable and is considered rich and vibrant when the fashion industry is considered per se. The fashion industry is worth about  £ 44.5 billion in UK. As per the statistics of 1960, it is said that 10% of the household expenses is spent on clothing and footwear and other fashion related items. However, the scenario had changed over a period of time. With cheaper imports coming form China and India the expenses have come down drastically. Presently only 6% of the householdÃ'Ž