New York Fashion Week Generates an Income of $850 Million for the City

Fashion is an expensive business and it requires huge investments if you want to make an impact. New York Fashion Week is one of the most important event in the fashion industry’s calendar. There are over 270 runway shows and presentations during the week. According to the New York City Economic Development Corporation, the high profile event generates an income of $850 million for New York. This astonishing figure works out to about $7,000 a minute as designers end up spending $100,000 for a 15 minute show. And this is the bare minimum if the designer wants to participate in the mega event. The major labels who orchestrate a performance have budgets close to $1 million.
New York Fashion Week was founded by fashion publicist Eleanor Lambert in 1943 as a platform to showcase collections by American designers for the international press. Last year the Economic Development Corporation, based in the new York City undertook a detailed study to analyse the benefits, both direct and indirect, that the event brought to the city. The findings indicated that the participants travelling to the city for the event spent about $6 million on hotels and $9 million on restaurants. The rentals for the venues for the event added up to $12 million and participants spent as much as $7 million in retail stores. The study found that overall the visitors spend about $532 million during the event.

New York Fashion Week

New designers who want to break into the fashion industry believe that NYFW is the best platform to create a buzz around their collection and often commit their life savings to present their collection at the event. It is a gamble for the aspiring designers as there is no guarantee that designers will later reap the benefits. If they make an impact with their presentation the stores are likely to buy their merchandise but they also have to ensure that they successfully sell it to customers. However the starting point is the show at the fashion week. The new designers as well as the big names in the industry are all trying to create a memorable show for the New York Fashion Week as it is the stepping stone for success in the fashion business.

Via: ibtimes

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