For my economic-based project, I created a documentary on the fast fashion industry. Within these few months I have spent my days researching, editing and filming, but besides these incredible skills I have gained, I have discovered a new side of fashion.
When we shop and pay for our clothing, we never really see the financial and economic process these products undergo. Gladly, after having one on one conversations with several professionals, I have come to know the “behind the scenes”, each and every company experiences.
What is the main thought that goes through people’s heads while buying clothes? Quality? Price? Style? Even though these are very important factors to keep in mind when purchasing a product, price seems to trigger a certain perspective within the buyer. A key point I learned while researching and producing the Fast Fashion documentary was how customers viewed clothing differently based on how expensive or cheap the price is. The price determination- applying to all stores world wide- eventually ties down to the production of the clothing . Based on how quick the production process functions, we are able to tell how much a product is worth due the quality of its development. This is the way great companies around the world set their prices, this specific term is called: price determination.
Stores such as Zara, H&M and Forever21 are great examples as to how production determines a product's price. These stores are well- known as Fast Fashion companies, the term “fast fashion” arises from the company's rapid production of clothing, having more than 40 seasonal trends per year. Stores with high production rates tend to minimize the importance of quality within their products, the poor fabric and manipulation used to create the clothing leads to a lower price determination.
On the other hand, stores with a slow production rate have higher prices to display. These stores are regularly high end fashion brands or small boutiques. Having less collections or seasons per year, gives the company time to produce exclusive trends, offering uniqueness and variation within their products.
Brands determine their product’s prices depending on the fabric and production used to manufacture them, if more money, time and dedication was given on an creating a piece of clothing, the higher the value will be.
Although clothing production isn’t something physically displayed for buyers to see, the price is what usually determines how exclusive or valuable the product is. Knowing this information the customer is now aware of the quality product he or she is purchasing
Coming to know fashion’s strategy for determining their prices puts me, as a buyer, in an entirely new perspective. Being aware of the poor or high production allows me to be hesitant, yet wise while purchasing a certain item.
When we shop and pay for our clothing, we never really see the financial and economic process these products undergo. Gladly, after having one on one conversations with several professionals, I have come to know the “behind the scenes”, each and every company experiences.
What is the main thought that goes through people’s heads while buying clothes? Quality? Price? Style? Even though these are very important factors to keep in mind when purchasing a product, price seems to trigger a certain perspective within the buyer. A key point I learned while researching and producing the Fast Fashion documentary was how customers viewed clothing differently based on how expensive or cheap the price is. The price determination- applying to all stores world wide- eventually ties down to the production of the clothing . Based on how quick the production process functions, we are able to tell how much a product is worth due the quality of its development. This is the way great companies around the world set their prices, this specific term is called: price determination.
Stores such as Zara, H&M and Forever21 are great examples as to how production determines a product's price. These stores are well- known as Fast Fashion companies, the term “fast fashion” arises from the company's rapid production of clothing, having more than 40 seasonal trends per year. Stores with high production rates tend to minimize the importance of quality within their products, the poor fabric and manipulation used to create the clothing leads to a lower price determination.
On the other hand, stores with a slow production rate have higher prices to display. These stores are regularly high end fashion brands or small boutiques. Having less collections or seasons per year, gives the company time to produce exclusive trends, offering uniqueness and variation within their products.
Brands determine their product’s prices depending on the fabric and production used to manufacture them, if more money, time and dedication was given on an creating a piece of clothing, the higher the value will be.
Although clothing production isn’t something physically displayed for buyers to see, the price is what usually determines how exclusive or valuable the product is. Knowing this information the customer is now aware of the quality product he or she is purchasing
Coming to know fashion’s strategy for determining their prices puts me, as a buyer, in an entirely new perspective. Being aware of the poor or high production allows me to be hesitant, yet wise while purchasing a certain item.