U.S. Representative Carolyn B. Maloney is fighting to keep fashion alive in New York City, particularly now that Amazon’s big bucks are officially off the table.
“Fashion and New York go hand in hand and we need to make sure it stays that way,” said Congresswoman Maloney in a press statement. “The loss of Amazon and the jobs it would have brought to Long Island City, makes it all the more important that New York City support and continue to develop industries that stimulate our economy and promote job growth. The fashion industry has proven time and again to be a source of massive economic power for New York City.”
Together with the Democratic staff of the Joint Economic Committee, Maloney released a report highlighting the fashion industry’s impact on the city’s economy, entitled “The Economic Impact of the Fashion Industry.” According to the study, New York City remains a global fashion power, with more than one in three fashion designers in the United States working in the metro area. From a wider perspective, New York City’s fashion industry employed 4.6 percent of the workforce and generated more than $11.3 billion in wages and $3.2 billion in tax revenue in 2017, according to the New York City Economic Development Corporation.
Naturally, the city’s fashion week was shown to have a major impact, despite recent fluctuations. The report showed that New York Fashion Week brings in 150,000 attendees and accrues close to $600 million in total income. Moreover, NYFW’s autumn/winter and spring/summer seasons pack a heftier economic punch than the Super Bowl or the U.S. Open Tennis Championships.
The report also highlights the significance of the city’s educational institutes dedicated to fashion, with The Fashion Institute of Technology (FIT), Parsons School of Design, Pratt Institute and LIM College educating a combined 20,000 students each year.
Finally, Maloney underscored the increasingly talked-about influence of Millennial and Generation Z consumer behavior as New York navigates the future of fashion, reporting that Gen Z consumers alone will account for 40 percent of global consumers by 2020.