- Posted August 30, 2014 by
Las Vegas, Nevada
This iReport is part of an assignment:
Magic the business of fashion and social media: Boom or Bust?
What is being faced is a multi-prong problem with social media? As one person told me, it’s either boom or bust with social media. In an economy where the millennials that buy most of the fashion are now spending most of their disposable income on social media devices, cell phones, tablets and wearable tech. The industry is shifting away from established brands and designer wear to a social media fad driven business. An example is that while we were there, we saw the fewest amount of athletes and celebrities debuting their fashion lines.
What you have in social media in fashion is fashion’s version of the cult favorite movies “Sharknado” and “Sharknado 2: The Second One.” You can be completely factitious at saying that social media is helping fashion to jump the shark, which in the entertainment industry is not a good thing to happen.
The millennials talk amongst themselves, often on social media and not face to face, and what they talk about becomes immensely popular. If your store has it, you’re in great shape. If you don’t have it, the wave of the fad will have subsided by the time you can get it in your store. It also has a secondary negative effect, because of the lower amount of disposable income they have to spend, the money is going to the fad and not to the established name brands. Once they have left the established name brand for the fad, they don’t go back. They’re looking for the next cool thing to spend what they have.
What we heard specifically is, that we’re now having to put resources that we actually don’t have to invest in trying to keep ahead of the next fad and gambling that we are going to get it right. Fashion has now become more of crap shoot than it ever has been before. If you guess wrong, you’re gone. How appropriate that Magic, the business of fashion is held in Las Vegas.
The Magic trade show is a trade show that encompasses the business of fashion. It is comprised of multiple individual shows including ENKVegas, FN Platform, Men’s, Mvmnt,Pooltradeshow, Project, Sourcing, The Tents, WSA at Magic and WWDMagic