Housing crisis

The economy today is the worst is has ever been and because the economy is so bad the housing market is affected too. Many houses are being put up for sale but just not selling. The crisis started from bad loans being made to people who cant afford the houses that they think can afford because of the low interest rates. The bad economy and the housing crisis can all affect the fashion industry/home fashion industry.

People cannot afford to furnish their homes because they either cannot lay money aside to decorate their home or because its not worth the time and money anymore. People are focusing more about they welfare of their families instead of how awesome their houses look. Just recently here in Greensboro Linens and Things closed. This is all because of the bad economy which affects the home fashions industry.

Challenges in the industry

The apparel industry faces a lot of challenges today. Over the past 10 years there has been a decline in employment not just in the work force it self but mostly in the apparel industry. One of biggest challenges the industry faces is that a lot of companies are moving their production centers over seas. This has cost many people their jobs and has also caused a decrease in the authenticity of products. One event that also affected the apparel industry was September 11th. This caused a number of factories in downtown Manhattan to close, because they were unable to receive supplies and deliver orders for several weeks.

Another challenge the industry faces is the economy.  More business are going bankrupt, more people are losing their jobs. Without the consumer, the apparel business can not flourish. During this economic depression money is tight. People are not spending as much going out to eat or even going shopping. Another challenge the industry faces is the lack of idea. Styles are repeating over but it is harder to come up with new, stylish ideas for clothing. Some designers are still able to produce amazing garments never seen before but I have notice some designers struggling to bring forth new ideas that will help their company. 

All of the challenges the industry faces tie together.  I believe September 11 started the downward spiral of the industry. After the terrorist attack, more jobs started to move overseas and the shops specifically in Manhattan were affected the most after this. Once the jobs move overseas the American people suffer. Without jobs people cannot buy clothing which then affects the business, causing them to go out of business. Without the business the designers cannot come up with new ideas to help their business. Unfortunately everyone suffers.