Economy is interesting because it even affects what people wear. The most well-known fashion related economic indicator of all time is the Hemline Indicator, an idea that women’s hemlines are influenced by the macroeconomic performance. In other words, the shorter the skirt gets, the better the economy looks.
South Korea is currently struggling with economic recession. Its economy suffered its worst growth in more than a year during the second quarter of this year. The cloudy outlook for the economy in South Korea is therefore affecting latest fashion trends—people are going back to the basics.
According to the data analysis that has been conducted by istyle24, one of the biggest online fashion retail store in South Korea, there was a huge rise in demand for basic fashion items. Comparing to last year, there was a 139% rise in classic tees, 78% rise in plaid/checkered shirts, and 54% rise in polos for men’s fashion items. Accordingly, the shop has also seen a 30% hike in basic tops and 42% rise in tanks in women’s items.
Moreover, the analysis also stated that there was a much higher demand in the market for white, black and gray color fashion items regardless of gender. Comparing to last year, fancier color such as pink, blue and orange items showed a 19% decline while there was a 21% growth in the market for achromatic color clothes.
This interesting trend in the fashion market can be explained in a few ways. First of all, the price. Obviously people are having less money to spend on clothes and other luxury items due to economic recession. Thus people are turning to something they can easily afford such as classic tees and basic tanks that are relatively cheap comparing to other kind of clothes. For instance, you can get a men’s v-neck tee that is as cheap as $3.80 at Forever 21.
Another big reason for growth in demand for basic style clothing is that they have high applicability. Consumers who now have less money to spend are not willing to take risks in buying clothes. In other words, people want to buy items that they know they will put on for sure instead of having to waste money on something that will be kept in their wardrobes forever. People in South Korea are basically taking advantage of inexpensive classic fashion items that can be easily matched with anything.
Whether it is the hemline or the t-shirts or whatever the fashion item may be, one thing we can know for sure is that economic recession makes people look less fancy.