Global Recession Impacts on Fashion Industry: Strategies for Survival
The whole world is facing global recession. The economy is slowing, the business environment is unpredictable and the consumers are getting increasingly diverse, informed, technologically strong and demanding. The global meltdown has, in no way, spared the fashion industry. This industry, along with other textile products industry, is also feeling the pinch of financial adversity. The Fashion Industry The fashion industry can be termed as complicated with no standard for defining fashion companies. Impacts of Recession on Global Fashion Industry The trends all over the world is that of rising unemployment, credit squeeze and plummeting home budgets. Many big names in the fashion industry are facing financial problems, many of whom have even declared their negative condition. Consumer spending has got lower resulting in pressure on retailers' margins.